Ripple has announced a partnership with Jeonbuk Bank, a regional lender in South Korea, to deploy its cross-border payments platform for business customers. The deal, announced on 18 August 2026, makes Jeonbuk Bank the first South Korean regional bank to adopt Ripple Payments.
Platform capabilities
Ripple Payments is designed to allow businesses to settle international transfers within seconds to minutes, compared with traditional transfers routed through the Swift network and intermediary banks, which can take several days to complete. According to Ripple, the platform handles payment routing, foreign exchange, and settlement through a single institutional connection, with the company reporting that its network covers more than 60 markets and has processed more than USD 100 billion since launch.
The service is designed to operate continuously, rather than being limited to local business hours as with conventional banking. Ripple said the offering is aimed at businesses that regularly send or receive international payments, including importers, exporters, technology startups, and online content creators, particularly regional businesses that often rely on multiple intermediary banks when their local institution lacks a direct relationship with a recipient's bank.
Details not yet disclosed
Neither Ripple nor Jeonbuk Bank has disclosed which payment corridors will be supported at launch. Fees, supported currencies, and expected transaction volumes have also not been shared. The companies have not confirmed whether the service is currently live for customers, and Jeonbuk Bank's public product pages did not show detailed pricing or corridor information at the time of the announcement.
Ripple did not name XRP, its RLUSD stablecoin, or any Korean won-denominated stablecoin as a settlement asset for the partnership, and no on-chain transaction records were disclosed. Actual transfer times may vary depending on the destination market, compliance checks, and local banking infrastructure, meaning near real-time settlement does not guarantee instant arrival for every payment.
Ripple's expanding presence in South Korea
The Jeonbuk Bank deal is Ripple's third partnership with a South Korean financial institution in 2026, following earlier agreements with internet-only bank Kbank and insurer Kyobo Life Insurance. Kbank tested blockchain remittances to the UAE and Thailand, focused on wallet infrastructure, while Kyobo Life piloted settlement of tokenised Korean government bonds using Ripple Custody. The Jeonbuk Bank partnership is more directly focused on cross-border remittances for business customers.
Company commentary
Fiona Murray, Ripple's Asia Pacific managing director, said the partnership reflects growing interest from Korean financial institutions in cross-border payment infrastructure.
Park Choon-won, President of Jeonbuk Bank, said the partnership is intended to help the bank compete as a digital finance provider, describing it as a new growth avenue for the bank. The bank has not disclosed revenue targets, customer numbers, or projected payment volumes associated with the new service.
