KBank, the South Korean digital-only bank that serves as the exclusive banking partner for crypto exchange Upbit, is set to test onchain cross-border remittances with Ripple, the bank said Monday.

The two companies have completed the first phase of a proof-of-concept using a wallet-based remittance system and are now in phase two, testing the stability of onchain transfers to countries including the United Arab Emirates and Thailand.

KBank is using Palisade, Ripple’s software-as-a-service wallet that was acquired earlier this year as part of Ripple’s $4 billion in crypto-related investments.

Most international bank transfers today route through correspondent banking networks like SWIFT, which can take days to settle and charge fees that…