Yesterday, Ripple announced that it would be partnering with money transfer service providers Sentbe, Hanpass, and WireBarley to offer an improved cross-border payment experience in Korea.\r\n\r\nhttps:\/\/twitter.com\/Ripple\/status\/1232464018951962624\r\n\r\nIn reference to the announcement, Ripple\u2019s Senior Director of Global Operations, Emi Yoshikawa, stated: \u201cSouth Korea is a hotbed of fintech innovation, and we\u2019re committed to grow our customer base and presence. Since the Korean government started licensing payment providers for remittance in 2017, we have witnessed how Korean payment providers dramatically improved payments experience for their customers, and we are pleased to be part of their on-going efforts.\u201d\r\n\r\nAs a part of the partnerships, RippleNet will provide Sentbe, Hanpass, and WireBarley with technology infrastructure and network connections, which will enable consumers to send money in a faster, easier, and more reliable manner.\r\n\r\nThe move comes after Ripple\u2019s initiative with Coinone Transfer, a blockchain-powered payment service, to provide remittance for its remittance mobile application, Cross. The app offers lower-cost payments in a number of markets (including Thailand and Sri Lanka).\r\n\r\nSince its partnership with RippleNet, the platform managed to reduce its fees by 90 percent in comparison to average banking costs and, consequently, saw a 50 percent monthly growth rate of payment volume.\r\n\u00a0Sentbe\r\nA money transfer company, Sentbe aims to provide its users with an easier, faster, and convenient way to conduct cross-border payments.\r\n\r\n\r\n\r\nIts focus lies in the Southeast and Northeast Asia corridor, which includes Indonesia, Vietnam, Japan, China, and the Philippines. Compared to banking entities, the service helps customers save almost 95 percent of their transaction costs.\r\nHanpass\r\nThe focus of Hanpass is on simplifying the cross-border payment in Korea. It allows users to transfer money securely without the considerable hassle of complex identity verification processes and creating local bank accounts that require in-person visits. The company makes this possible by providing users with safe identity authentication processes.\r\n\r\n\r\nWireBarley\r\nMuch like the previous financial companies, WireBarley offers remittance services in the Asia-Pacific region. Although it was originally focussed on the Australian market, it has since expanded to New Zealand, South Korea, Vietnam, Philippines, Japan, Hong Kong, and the United States. It has transferred over $200 million in funds for over 120 thousand customers, up until now.\r\n\r\n\r\nRipple Working to Solve High Remittance Problems in Korea\r\nMillions of people in South Korea are involved in sending and receiving cross-border payments. With over four percent of the country\u2019s population (over two million) being immigrants, there exists a vigorous payment corridor between South Korea and other nations in the Asia Pacific region, particularly China, Vietnam, Thailand, and the Philippines.\r\n\r\nSince there are such a massive number of transactions occurring daily, time delays in payments, and high cost of remittances can make cross-border transactions incredibly unpleasant. They can often lead to the untimely payment of critical expenses such as tuition payments, emergency medical payments, and other unexpected bills.\r\n\r\nIn the past, the remittance market in South Korea has been primarily controlled by large, centralized financial institutions. This invariably involves high costs of transfer as well as delayed transactions.\r\n\r\nSince 2017, the government of South Korea amended the nation\u2019s laws to allow non-banking institutions to offer remittance services to consumers.\r\nRipple Aims to Make Global Payments Easier\r\nThe chief goal of Ripple is to make global payments easy. It believes that the systems underlying traditional cross-border payment processes are complex and fragmented, resulting in costly, slow, and unreliable payments.\r\n\r\nUsing blockchain-powered technology, the platform aims to make it easier for financial institutions (like Sentbe, WireBarley, and Hanpass) to offer lower remittance costs and a better overall cross-border payment experience to its consumers.\r\n\r\nRipple has a growing network of over 300 financial institutions across six continents.