Another Korean Bank Joins Ripple Payments Network for Real-Time Cross-Border Settlement
A bank based in South Korea has partnered with Ripple to enable near real-time, 24/7 cross-border settlement for its business customers, replacing traditional multi-day SWIFT transfers. The integration leverages Ripple Payments, which utilizes XRP as the settlement layer even when XRP is not explicitly named in official press releases.
A Korean financial institution has become the latest bank to partner with Ripple, gaining access to near real-time, 24/7 cross-border settlement capabilities for its business customers. The move represents a direct upgrade from the multi-day processing times associated with the traditional SWIFT network.
The settlement mechanism behind the partnership is Ripple Payments, which taps into XRP to facilitate instant finality. As has been noted with previous Ripple banking partnerships, XRP's role as the underlying settlement asset is not always prominently featured in official press releases, even when it is central to the technology stack.
This addition continues a pattern of financial institutions in the Asia-Pacific region adopting Ripple's infrastructure for correspondent banking use cases. The South Korean market has been an area of growing activity for Ripple's payments business, and this latest partnership adds further weight to that regional expansion.
Key facts
- •A South Korean bank has partnered with Ripple Payments
- •The partnership enables near real-time, 24/7 cross-border settlement
- •The integration replaces multi-day SWIFT transfers for business customers
- •XRP serves as the settlement asset within Ripple Payments
- •XRP is not always named explicitly in Ripple partnership press releases