South Korea’s Jeonbuk Bank has partnered with blockchain company Ripple to deploy its cross-border payment system for business customers. The service enables international transfers in seconds to minutes, operating around the clock, compared to several days through the traditional SWIFT network. Target customers include import-export companies, technology startups and online content creators. Key details such as launch status, supported payment corridors, currencies, fees and expected transaction volumes remain undisclosed. This is Ripple’s third partnership with a South Korean financial institution this year, following agreements with Kyobo Life Insurance and Kbank.
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