South Korea (KRW) Data Requirements

This page lists every data requirement for KRW payments to South Korea: the beneficiary and originator identities, the beneficiary financial instrument, and the transaction itself.

Fields shown are those required for this corridor

The identity and financial instrument tables on this page list only the fields KR_KFTC requires, taken from the PII v3 schema. Identities and financial instruments accept further optional fields. For the complete set, see Payment identities and Financial instruments, or use the Payload Schema Utility.

Beneficiary identity

Create the beneficiary identity before the financial instrument, then reference it when you create the payment. See Create and manage identities for the API workflow.

The required fields depend on whether the beneficiary is a business or an individual.

Business beneficiary

Applies to the B2B, B2B2B, C2B2B use cases. Submit a business identity.

Field	Required	Type	Constraints
`businessName`	Required	STRING	Business Legal Name. 1–140 characters. Must match `^(?![ .,'&\/()-])(?!.*([ .,'&\/()-])\1)[\p{L}\p{N} .,'&\/()-]+(?<![ .,'&\/-])?$`.
`address.streetAddress`	Required	ARRAY of STRING	Allows the street address of the business to be held.
`address.country`	Required	STRING	Exactly 2 characters. Must match `^[A-Z]+$`.
`address.city`	Required	STRING	City. 1–140 characters. Must match `^(?![ .'-])(?!.*[ .'-]{2})[\p{L} .'-]+(?<![ .'-])$`.
`address.stateOrProvince`	Required	STRING	State, province, or county of the business address, as defined by postal services. 1–140 characters. Must match `^(?![ .'-])(?!.*[ .'-]{2})[\p{L}\p{N} .'-]+(?<![ .'-])$`.
`address.postalCode`	Required	STRING	Postal code for the business. 3–15 characters. Must match `^[\p{L}\p{N}][\p{L}\p{N} -]{1,15}[\p{L}\p{N}]$`.
`phone`	Required	STRING	Phone Number. 8–16 characters. Must match `^\+[1-9]\d+$`.
`registration[].number`	Required	STRING	The unique identifier of the organization. 3–35 characters. Must match `^(?![ .'-\/])(?!.*[ .'-\/]{2})([A-Za-z0-9 .'-\/]+)(?<![ .'-\/])\/?$`.
`registration[].type`	Required	STRING	One of `INCORPORATION_CERTIFICATE`, `TAX_ID`.
`incorporationCountry`	Required	STRING	Exactly 2 characters. Must match `^[A-Z]+$`.

Individual beneficiary

Applies to the B2B2C, B2C, C2B2C use cases. Submit an individual identity.

Field	Required	Type	Constraints
`firstName`	Required	STRING	First name of the individual. 1–140 characters. Must match `^(?![ .'-])(?!.*([ .'-])\1)[\p{L} .'-]+(?<![ .'-])$`.
`lastName`	Required	STRING	Last name of the individual. 1–140 characters. Must match `^(?![ .'-])(?!.*([ .'-])\1)[\p{L} .'-]+(?<![ .'-])$`.
`address.streetAddress`	Required	ARRAY of STRING	Allows the street address of the individual to be held.
`address.country`	Required	STRING	Exactly 2 characters. Must match `^[A-Z]+$`.
`address.city`	Required	STRING	City. 1–140 characters. Must match `^(?![ .'-])(?!.*[ .'-]{2})[\p{L} .'-]+(?<![ .'-])$`.
`address.stateOrProvince`	Required	STRING	State, province, or county of the individual's address, as defined by postal services. 1–140 characters. Must match `^(?![ .'-])(?!.*[ .'-]{2})[\p{L}\p{N} .'-]+(?<![ .'-])$`.
`address.postalCode`	Required	STRING	Postal code for the individual's address. 3–15 characters. Must match `^[\p{L}\p{N}][\p{L}\p{N} -]{1,15}[\p{L}\p{N}]$`.
`phone`	Required	STRING	Phone Number. 8–16 characters. Must match `^\+[1-9]\d+$`.
`identityDocuments[].idNumber`	Required	STRING	Identification Number. 3–35 characters. Must match `^(?![ .'-\/])(?!.*[ .'-\/]{2})([A-Za-z0-9 .'-\/]+)(?<![ .'-\/])\/?$`.
`identityDocuments[].idType`	Required	STRING	One of `ALIEN_REGISTRATION`, `CUSTOMER_ID`, `DRIVERS_LICENSE`, `EMPLOYEE_ID`, `NATIONAL_ID_NUMBER`, `PASSPORT`, `SSN`, `TAX_ID`.
`citizenship`	Required	STRING	Alpha-2 country code for the nationality of the individual in ISO 3166-1 format. Exactly 2 characters. Must match `^[A-Z]+$`.

Beneficiary financial instrument

Set financialInstrumentType: KR_KFTC and currency: KRW. Provide the following fields in the krKftc payment rail object. See Create and manage financial instruments for the API workflow.

Field	Required	Type	Constraints
`bankName`	Required	STRING	The name of the identity's bank. 2–140 characters. Must match `^(?![ .,'&\/()-])(?!.*([ .,'&\/()-])\1)[\p{L}\p{N} .,'&\/()-]+(?<![ .,'&\/-])?$`.
`bankCode`	Required	STRING	1–10 characters. Must match `^[0-9]+$`. Use the Bank Codes lookup and select South Korea to find the bank code.
`accountNumber`	Required	STRING	The identity's bank account number. 1–45 characters. Must match `^[A-Za-z0-9]+$`.

Originator identity

Create the originator identity once and reuse it across payments.

The required fields depend on whether the originator is a business or an individual.

Business originator

Applies to the B2B, B2B2B, B2B2C, B2C use cases. Submit a business identity.

Field	Required	Type	Constraints
`businessName`	Required	STRING	Business Legal Name. 1–140 characters. Must match `^(?![ .,'&\/()-])(?!.*([ .,'&\/()-])\1)[\p{L}\p{N} .,'&\/()-]+(?<![ .,'&\/-])?$`.
`address.streetAddress`	Required	ARRAY of STRING	Allows the street address of the business to be held.
`address.country`	Required	STRING	Exactly 2 characters. Must match `^[A-Z]+$`.
`address.city`	Required	STRING	City. 1–140 characters. Must match `^(?![ .'-])(?!.*[ .'-]{2})[\p{L} .'-]+(?<![ .'-])$`.
`address.stateOrProvince`	Required	STRING	State, province, or county of the business address, as defined by postal services. 1–140 characters. Must match `^(?![ .'-])(?!.*[ .'-]{2})[\p{L}\p{N} .'-]+(?<![ .'-])$`.
`address.postalCode`	Required	STRING	Postal code for the business. 3–15 characters. Must match `^[\p{L}\p{N}][\p{L}\p{N} -]{1,15}[\p{L}\p{N}]$`.
`phone`	Required	STRING	Phone Number. 8–16 characters. Must match `^\+[1-9]\d+$`.
`registration[].number`	Required	STRING	The unique identifier of the organization. 3–35 characters. Must match `^(?![ .'-\/])(?!.*[ .'-\/]{2})([A-Za-z0-9 .'-\/]+)(?<![ .'-\/])\/?$`.
`registration[].type`	Required	STRING	One of `INCORPORATION_CERTIFICATE`, `TAX_ID`.
`incorporationCountry`	Required	STRING	Exactly 2 characters. Must match `^[A-Z]+$`.
`incorporationDate`	Required	STRING	The date when the business was incorporated. Format `date`.

Individual originator

Applies to the C2B2B, C2B2C use cases. Submit an individual identity.

Field	Required	Type	Constraints
`firstName`	Required	STRING	First name of the individual. 1–140 characters. Must match `^(?![ .'-])(?!.*([ .'-])\1)[\p{L} .'-]+(?<![ .'-])$`.
`lastName`	Required	STRING	Last name of the individual. 1–140 characters. Must match `^(?![ .'-])(?!.*([ .'-])\1)[\p{L} .'-]+(?<![ .'-])$`.
`address.streetAddress`	Required	ARRAY of STRING	Allows the street address of the individual to be held.
`address.country`	Required	STRING	Exactly 2 characters. Must match `^[A-Z]+$`.
`address.city`	Required	STRING	City. 1–140 characters. Must match `^(?![ .'-])(?!.*[ .'-]{2})[\p{L} .'-]+(?<![ .'-])$`.
`address.stateOrProvince`	Required	STRING	State, province, or county of the individual's address, as defined by postal services. 1–140 characters. Must match `^(?![ .'-])(?!.*[ .'-]{2})[\p{L}\p{N} .'-]+(?<![ .'-])$`.
`address.postalCode`	Required	STRING	Postal code for the individual's address. 3–15 characters. Must match `^[\p{L}\p{N}][\p{L}\p{N} -]{1,15}[\p{L}\p{N}]$`.
`phone`	Required	STRING	Phone Number. 8–16 characters. Must match `^\+[1-9]\d+$`.
`identityDocuments[].idNumber`	Required	STRING	Identification Number. 3–35 characters. Must match `^(?![ .'-\/])(?!.*[ .'-\/]{2})([A-Za-z0-9 .'-\/]+)(?<![ .'-\/])\/?$`.
`identityDocuments[].idType`	Required	STRING	Must be `PASSPORT`.
`identityDocuments[].expiryDate`	Required	STRING	Expiration date of the identification document. Format `date`.
`dateOfBirth`	Required	STRING	Date of Birth. Format `date`.
`citizenship`	Required	STRING	Alpha-2 country code for the nationality of the individual in ISO 3166-1 format. Exactly 2 characters. Must match `^[A-Z]+$`.

Transaction data requirements

The following transaction-level fields apply to all KRW payments to South Korea via KFTC.

Field	Description	Required	Type	Constraints
`purposeCode`	Purpose of payment	Required	ENUM	4–5 chars. See valid values below
`sourceOfCash`	Source of funds	Required	ENUM	See valid values below
`receiverRelationship`	Relationship to the debtor	Required	ENUM	See valid values below; valid values depend on whether the beneficiary is a business or an individual

Purpose of payment codes

Code	Description
`ACSC`	Accounting services
`ALLW`	Allowance
`AMSC`	Advertising, market research, and public opinion polling services
`BONU`	Bonus payment
`CISC`	Construction and installation services
`COMM`	Commission
`DEPT`	Deposit
`DOFI`	Deposits with or from offshore financial institutions
`EDUC`	Education
`EDSC`	Education services
`ENGS`	Architectural, engineering, and other technical services
`FAMI`	Family maintenance
`FEES`	Payment of fees
`GDDS`	Purchase or sale of goods
`GDSV`	Purchase or sale of goods and services
`GIFT`	Allowance (gift)
`GSPM`	Goods for processing and manufacturing services
`GSST`	Goods and services by short-term workers
`GSTR`	Goods and services by travellers
`HLTC`	Home health care
`INTE`	Interest
`INTC`	Intra-company payment
`INVS`	Investment and securities
`IVPT`	Invoice payment
`LESC`	Legal services
`MACH`	Payment for machinery and transport equipment
`MDCS`	Medical services
`MFGD`	Payment for manufactured goods
`MMFA`	Payment for miscellaneous manufactured articles
`MP2P`	Mobile P2P payment
`MRSC`	Maintenance and repair services
`OTHR`	Others
`PAYR`	Payroll
`PSFR`	Passenger fare
`REAB`	Real estate abroad
`RELG`	Rental lease, general
`SALA`	Salary payment
`SCVE`	Purchase or sale of services
`STDY`	Study
`SUPP`	Supplier payment
`TRAD`	Trade services
`VIAC`	Visa application charges

Source of cash codes

Code	Description
`ALMY`	Alimony
`CASH`	Cash proceeds
`COMP`	Compensation
`EMIN`	Employee income
`GIFT`	Gift
`INHE`	Inheritance
`INLQ`	Insurance premium liquidation
`PACA`	Paid-up capital
`REDM`	Redemption
`REPY`	Retirement policy
`REST`	Real estate sale
`RETA`	Retained earnings
`SALE`	Sale of goods
`SEAQ`	Sale or acquisition of a corporation
`SELF`	Self-employment income
`SVGS`	Savings
`WINS`	Winnings

Beneficiary relationship codes

Valid receiverRelationship values depend on whether the beneficiary is a business or an individual.

Business beneficiaries

Code	Description
`BRAN`	Branch/Representative office
`CUST`	Customer
`FRAN`	Franchisee/Franchisor
`HOLD`	Holding company
`PART`	Business partner
`SUBS`	Subsidiary company
`SUPP`	Supplier

Individual beneficiaries

Code	Description
`CHIL`	Child
`CUST`	Customer
`EMPL`	Employee
`EXSP`	Ex-spouse
`FREN`	Friend
`OTHR`	Other
`PARE`	Parent
`PART`	Business partner
`RELA`	Relation
`SELF`	Self
`SIBL`	Sibling/brother/sister
`SPOU`	Covering spouse/partner
`VEND`	Vendor

Customer identity verification

For certain transactions, Ripple's payout partner in South Korea must verify the beneficiary's identity before completing the payout.

When verification is required, the payout partner sends an SMS to the beneficiary's registered South Korean mobile number. The SMS includes:

The sender's name
The transaction amount
A secure link the beneficiary must open to complete verification

The link expires 72 hours after it is sent. Once verification is complete, the payout can be released. For a first-time beneficiary, if the completed KYC goes to manual review, the payment is processed within 24 hours.

Individual beneficiaries

When identity verification is required

Verification occurs if:

The beneficiary has never received a payment to a South Korean bank account from Ripple's payout partner before, or
The beneficiary is receiving a payment to a different bank account than previously registered

Additionally, if the payment amount is less than or equal to KRW 6,500,000 and you use one of the following purpose codes, the beneficiary must complete the SMS identity verification:

Code	Description
`ACSC`	Accounting services
`ALLW`	Allowance
`BONU`	Bonus payment
`CISC`	Construction and installation services
`COMM`	Commission
`DEPT`	Deposit
`DOFI`	Deposits with or from offshore financial institutions
`EDSC`	Education services
`EDUC`	Education
`FAMI`	Family maintenance
`GIFT`	Allowance (gift)
`GSST`	Goods and services by short-term workers
`GSTR`	Goods and services by travellers
`HLTC`	Home health care
`INTE`	Interest
`INVS`	Investment and securities
`LESC`	Legal services
`MACH`	Payment for machinery and transport equipment
`MDCS`	Medical services
`MMFA`	Payment for miscellaneous manufactured articles
`MP2P`	Mobile P2P payment
`PAYR`	Payroll
`PSFR`	Passenger fare
`REAB`	Real estate abroad
`RELG`	Rental lease, general
`SALA`	Salary payment
`STDY`	Study
`VIAC`	Visa application charges

Payment rejection

If you use any of the above codes for a payment greater than KRW 6,500,000, the payout partner will reject the transaction.

Annual limits apply to these payments in addition to the per-payment maximum. See Transaction limits.

When identity verification is not required

If the payment amount is less than or equal to KRW 500,000,000 and you use one of the following purpose codes, no identity verification is required:

Code	Description
`AMSC`	Advertising, market research, and public opinion polling services
`ENGS`	Architectural, engineering, and other technical services
`FEES`	Payment of fees
`GDDS`	Purchase or sale of goods
`GDSV`	Purchase or sale of goods and services
`GSPM`	Goods for processing and manufacturing services
`INTC`	Intra-company payment
`IVPT`	Invoice payment
`MFGD`	Payment for manufactured goods
`MRSC`	Maintenance and repair services
`OTHR`	Others
`SCVE`	Purchase or sale of services
`SUPP`	Supplier payment
`TRAD`	Trade services

Business beneficiaries

When identity verification is required

If the payment amount is less than or equal to KRW 6,500,000 and one of the following purpose codes is used, the payout partner requires identity verification (via SMS):

Code	Description
`ACSC`	Accounting services
`ALLW`	Allowance
`BONU`	Bonus payment
`CISC`	Construction and installation services
`COMM`	Commission
`DEPT`	Deposit
`DOFI`	Deposits with or from offshore financial institutions
`EDSC`	Education services
`EDUC`	Education
`FAMI`	Family maintenance
`GIFT`	Allowance (gift)
`GSST`	Goods and services by short-term workers
`GSTR`	Goods and services by travellers
`HLTC`	Home health care
`INTE`	Interest
`INVS`	Investment and securities
`LESC`	Legal services
`MACH`	Payment for machinery and transport equipment
`MDCS`	Medical services
`MMFA`	Payment for miscellaneous manufactured articles
`MP2P`	Mobile P2P payment
`PAYR`	Payroll
`PSFR`	Passenger fare
`REAB`	Real estate abroad
`RELG`	Rental lease, general
`SALA`	Salary payment
`STDY`	Study
`VIAC`	Visa application charges

Payment rejection

If you use any of these purpose codes for a payment greater than KRW 6,500,000, the payout partner will reject the payment.

Annual limits apply to these payments in addition to the per-payment maximum. See Transaction limits.

When identity verification is not required

If the payment amount is less than or equal to KRW 500,000,000 and you use one of the following purpose codes, no verification is required:

Code	Description
`AMSC`	Advertising, market research, and public opinion polling services
`ENGS`	Architectural, engineering, and other technical services
`FEES`	Payment of fees
`GDDS`	Purchase or sale of goods
`GDSV`	Purchase or sale of goods and services
`GSPM`	Goods for processing and manufacturing services
`INTC`	Intra-company payment
`IVPT`	Invoice payment
`MFGD`	Payment for manufactured goods
`MRSC`	Maintenance and repair services
`OTHR`	Others
`SCVE`	Purchase or sale of services
`SUPP`	Supplier payment
`TRAD`	Trade services

Payment rejection

If you submit a payment between KRW 6,500,000 and KRW 500,000,000 without using one of the purpose codes listed above, the payout partner will fail the payment.

Transaction limits

Per-transaction maximums are given in each section above. Annual and daily limits apply on top of them.

Annual limits. These run on the calendar year.

Payouts that require verification are capped at the KRW equivalent of USD 50,000 a year, or the KRW equivalent of USD 100,000 for eligible beneficiaries. To be eligible, a beneficiary must be a Korean national or resident who has completed KYC. A beneficiary who has not completed KYC is held to the standard limit.
Payouts that do not require verification are capped at KRW 1,000,000,000 a year.

Daily limit. A compliance daily limit of KRW 65,000,000 per beneficiary also applies. Transactions that would cause the sender or receiver to exceed this limit are held for review.

Summary

Beneficiary type	Payment amount (KRW)	Purpose code type	Identity verification
Individual	≤ 6,500,000	Codes in first table	Required
Individual	≤ 500,000,000	Codes in second table	Not required
Business	≤ 6,500,000	Codes in first table	Required
Business	≤ 500,000,000	Codes in second table	Not required

Accepted identity document types

Payments over KR_KFTC accept only the following identity document types. Requests that use a document type not listed for the relevant payment role are rejected with a 400 error. Where a role or identity type is not listed below, all values in the field's enum are accepted.

Identity type	Payment role	Accepted document types
Individual (`idType`)	Originator	PASSPORT

South Korea (KRW) Data Requirements

Beneficiary identity

Business beneficiary

Individual beneficiary

Beneficiary financial instrument

Originator identity

Business originator

Individual originator

Transaction data requirements

Purpose of payment codes

Source of cash codes

Beneficiary relationship codes

Business beneficiaries

Individual beneficiaries

Customer identity verification

Individual beneficiaries

When identity verification is required

When identity verification is not required

Business beneficiaries

When identity verification is required

When identity verification is not required

Transaction limits

Summary

Accepted identity document types

Was this page helpful?