Jeonbuk Bank Adopts Ripple Payments: What Does It Mean for Customers?
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Jeonbuk Bank has partnered with Ripple to use Ripple Payments for cross-border remittances, becoming the first regional bank in South Korea to deploy the system. Customers could see 24/7 processing, improved FX visibility and tracking and fewer intermediaries that may reduce costs, though lower fees are not guaranteed, marking a crypto/blockchain adoption milestone for payments and banking.
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- Jeonbuk Bank adopts Ripple Payments for faster international transfers.
- Customers may get 24/7 processing, better FX visibility, and tracking.
- Fewer intermediaries could cut costs, but lower fees aren’t guaranteed.
Jeonbuk Bank has partnered with Ripple to use Ripple Payments for international transfers. It is the first regional bank in South Korea to deploy the system for cross-border remittances.
But what does this actually mean for customers sending money overseas?
The main difference is what happens behind the scenes between when a customer sends money and when the recipient receives it.
How Traditional International Transfers Work
When a customer sends money overseas, their bank converts the Korean won into the recipient’s currency. The payment then passes through correspondent banks before reaching the recipient’s bank. These banks act as intermediar…
Read The Full Article Jeonbuk Bank Adopts Ripple Payments: What Does It Mean for Customers? On Coin Edition.
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