Jeonbuk Bank launches Ripple Payments, replacing SWIFT

Jeonbuk Bank is South Korea’s first regional bank to deploy Ripple Payments, enabling near real-time, 24/7 cross-border settlements and replacing traditional SWIFT transfers.

Jeonbuk Bank has become the first regional bank in South Korea to deploy Ripple Payments, enabling near real-time, 24/7 cross-border settlements for business customers. This move replaces traditional multi-day SWIFT transfers, streamlining international remittances for faster, more transparent, and efficient transactions that settle within seconds or minutes. Ripple Payments operates continuously and is designed for companies with frequent international transactions, such as import-export businesses and technology startups. The announcement did not specify whether XRP or RLUSD would be used for settlement. This marks Ripple’s third Korean partnership in 2026, following collaborations with Kyobo Life Insurance and Kbank. While Kbank previously announced a pilot with Ripple, Jeonbuk Bank’s adoption is the first confirmed deployment among regional banks. The partnership is expected to enhance the competitiveness of Korean businesses in global markets by simplifying and accelerating cross-border payments.