# 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](/products/payments-direct-2/v2026.03/introduction/concepts/payment-identities) and
[Financial instruments](/products/payments-direct-2/v2026.03/introduction/concepts/financial-instruments), or use the
[Payload Schema Utility](/products/payments-direct-2/v2026.03/api-docs/integration-resources/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](/products/payments-direct-2/v2026.03/api-docs/developer-guides/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](/products/payments-direct-2/v2026.03/api-docs/developer-guides/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](/products/payments-direct-2/v2026.03/api-docs/integration-resources/ripple-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](#purpose-of-payment-codes) below |
| `sourceOfCash` | Source of funds | Required | ENUM | See [valid values](#source-of-cash-codes) below |
| `receiverRelationship` | Relationship to the debtor | Required | ENUM | See [valid values](#beneficiary-relationship-codes) 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](#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](#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 |