Jeonbuk Bank, a regional South Korean bank, has ditched the SWIFT network and adopted Ripple Payments to increase efficiency, according to an August 18 announcement. This is Ripple’s third Korean partnership this year. Ripple Payments combines a network of payout partners and payment rails with blockchain, operates 24/7, and supports KRW payouts. The announcement does not say that XRP itself will be used to settle Jeonbuk’s transactions. Despite this, the XRP token declined 1.1% over the past 24 hours following the news.
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