Ripple signs first Korean regional bank payments deal

Ripple partnered with Jeonbuk Bank on Aug. 18 to deploy Ripple Payments for cross border business remittances, making Jeonbuk the first South Korean regional bank to adopt the service. Summary Ripple partnered with Jeonbuk Bank to support near real time cross border business remittance settlement. Jeonbuk becomes South Korea’s first regional bank to deploy the company’s Ripple Payments infrastructure service. The companies disclosed no payment corridors, transaction volumes, customer fees or commercial launch schedule publicly. Ripple did not say XRP, RLUSD or any Korean won stablecoin would support Jeonbuk transfers. Jeonbuk plans services for importers, exporters, technology startups and online creators conducting international business payments. The companies said the integration would allow Jeonbuk Bank to settle international transfers in seconds or minutes rather than the days some conventional correspondent banking payments require. The service will operate continuously rather than only during local banking hours. Ripple and Jeonbuk did not disclose the first payment corridors, supported currencies, transaction volumes, fees or full commercial launch schedule. They also did ...