NEW: Jeonbuk Bank becomes the first regional bank in Korea to deploy @Ripple Payments for cross-border remittances, settling transfers in seconds that previously took days via SWIFT.

What happened

Jeonbuk Bank, a regional Korean bank, has started using Ripple's Payments network to send cross‑border remittances. The new system settles transfers in seconds, whereas the older SWIFT system took several days.

Confirmed

Global impact / market context

Faster cross‑border payments mean businesses and individuals can receive money almost instantly, lowering transaction costs and improving cash flow. This may make Jeonbuk Bank more attractive to customers and could encourage other Korean banks to adopt similar digital‑payment technology.

Analyst inference

Globally, the traditional SWIFT network often takes days to move money across borders, creating friction for trade. Ripple’s payment platform offers near‑real‑time settlement, and its growing use in Asia reflects a shift toward faster, blockchain‑based solutions for international transfers.

Analyst inference

What to watch

1. Observe whether additional Korean regional banks follow Jeonbuk Bank’s lead by implementing Ripple’s network, which would indicate broader industry acceptance of real‑time cross‑border payment technology. Analyst inference
2. Track the volume and speed of remittances processed through Ripple, as higher usage and faster settlements could lower costs for businesses and improve the bank’s competitive position. Analyst inference
3. Watch for any statements or guidelines from Korean regulators on blockchain‑based payment systems, since regulatory clarity could affect how quickly banks expand such digital services. Analyst inference

Affected assets

• XRP — XRP

Evidence

• x.com