韩国央行-韩国银行与支付结算系统（英）-2025.2_42页_2mb

The Bank of Korea (BOK) plays a central role in Korea’s payment and settlement system, primarily through its large-value payment system BOK-Wire+. This system supports real-time funds transfers between financial institutions, government transactions, and securities settlements. BOK issues currency and provides liquidity support to ensure settlement finality and system stability.

1. Overview

Korea's payment and settlement system includes cash, electronic transfers, and financial market infrastructures managed by BOK and other entities. Cash enables immediate settlement, while electronic methods involve deferred net settlement through systems like BOK-Wire+ and the Korea Financial Telecommunications & Clearings Institute (KFTC). Clearing and settlement are distinct processes: clearing aggregates transactions, and settlement transfers funds using BOK-Wire+.

2. Operating BOK-Wire+

BOK-Wire+ is a hybrid settlement system combining real-time gross settlement (RTGS) and net settlement. It processes trillions in daily transactions, including retail payments, securities, and foreign exchange. Participants must meet strict eligibility criteria, and BOK provides intraday liquidity support to manage settlement risks. Recent updates include multilateral netting and direct bond transfers, enhancing efficiency.

3. Oversight of Financial Market Infrastructures

BOK monitors key infrastructures like BOK-Wire+ and the CLS system to ensure safety and efficiency. Oversight involves real-time monitoring, regular assessments, and recommendations for improvements. BOK collaborates internationally on standards like the Principles for Financial Market Infrastructures (PFMI) and participates in projects like Agorá to advance cross-border payments.

4. Development and Innovation

BOK promotes payment system growth through initiatives like Open Banking, mobile cash cards, and cashless convenience. It supports financial inclusion and digitalization, including bio-authentication standards. Recent projects include the CBDC simulation and RTGS system development to enhance competitiveness.

5. Recent Issues

BOK addresses emerging challenges:

• CBDC: Research is ongoing, including pilot tests starting in 2023, focusing on wholesale CBDC and real-world applications.
• Cross-border Payments: BOK collaborates with countries like Indonesia to improve remittee access and reduce costs.
• Digital Risks: It monitors stablecoins, addresses cyber threats from fintech, and safeguards against digital bank runs through enhanced liquidity support and emergency measures.
• RTGS Adoption: Plans to transition from deferred net settlement to RTGS to reduce credit risk and align with global standards.

The Bank of Korea aims to balance innovation with stability, ensuring Korea’s payment systems remain efficient and globally competitive while adapting to digital financial trends.