This page describes transaction-level payment data requirements and payout conditions for the Korea (KR • KRW) corridor.
For certain transactions, Ripple’s payout partner in 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.
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 ≤ KRW 6,000,000 and you use one of the following purpose codes, the beneficiary must complete the SMS identity verification:
| Purpose Code | Description |
|---|---|
| ACSC | Accounting services |
| GIFT | Allowance (Gift) |
| ALLW | Allowance |
| BONU | Bonus payment |
| COMM | Commission |
| CISC | Construction and installation services |
| DEPT | Deposit |
| GSST | Goods and services by short-term workers |
| GSTR | Goods and services by travelers |
| INTE | Interest |
| LESC | Legal services |
| MDCS | Medical services |
| PSFR | Passenger fare |
| VIAC | Visa application charges |
| PAYR | Payroll |
| REAB | Real estate abroad |
| RELG | Rental lease general |
| SALA | Salary payment |
If you use any of the above codes for a payment greater than KRW 6,000,000, the payout partner will reject the transaction.
If the payment amount ≤ KRW 500,000,000 and you use one of the following purpose codes, no identity verification is required:
| Purpose Code | Description |
|---|---|
| GDDS | Purchase/sale of goods |
| GDSV | Purchase/sale of goods and services |
| SCVE | Purchase/sale of services |
| SUPP | Supplier payment |
| FEES | Payment of fees |
| IVPT | Invoice payment |
| TRAD | Trade services |
| MRSC | Maintenance and repair services |
| OTHR | Others |
| AMSC | Advertising, market research, and public opinion polling services |
| ENGS | Architectural, engineering, and other technical services |
If the payment amount ≤ KRW 6,000,000 and one of the following purpose codes is used, the payout partner will require identity verification (via SMS):
| Purpose Code | Description |
|---|---|
| ACSC | Accounting services |
| GIFT | Allowance |
| CSIC | Construction and installation services |
| DEPT | Deposit |
| DOFI | Deposits with or from offshore financial institutions |
| INTE | Interest |
| LESC | Legal services |
| MACH | Payment for machinery, non-customized packaged software, and transport equipment |
| MMFA | Payment for miscellaneous manufactured articles |
| PAYR | Payroll |
| REAB | Real estate abroad |
| RELG | Rental lease general |
| SALA | Salary payment |
| TLLT | Term loans (long-term) |
| TLST | Term loans (short-term) |
If you use any of these purpose codes for a payment greater than KRW 6,000,000, the payout partner will reject the payment.
If the payment amount ≤ KRW 500,000,000 and you use one of the following purpose codes, no verification is required:
| Purpose Code | Description |
|---|---|
| GDDS | Purchase/sale of goods |
| GDSV | Purchase/sale of goods and services |
| SCVE | Purchase/sale of services |
| SUPP | Supplier payment |
| FEES | Payment of fees |
| IVPT | Invoice payment |
| TRAD | Trade services |
| MRSC | Maintenance and repair services |
| INTC | Intra-company payment |
| OTHR | Others |
| AMSC | Advertising, market research, and public opinion polling services |
| ENGS | Architectural, engineering, and other technical services |
| MFGD | Payment for manufactured goods |
If you submit a payment between KRW 6,000,000 and KRW 500,000,000 without using one of the purpose codes listed above, the payout partner will fail the payment.
| Beneficiary Type | Payment Amount (KRW) | Purpose Code Type | Identity Verification |
|---|---|---|---|
| Individual | ≤ 6 M | Codes in first table | Required |
| Individual | ≤ 500 M | Codes in second table | Not required |
| Business | ≤ 6 M | Codes in first table | Required |
| Business | ≤ 500 M | Codes in second table | Not required |