2023年支付和结算系统报告

2024. 4 Payment and SettlementSystems Report 2023 2024. 4 “Payment and settlement” refers to the act of discharging obligations arising from economic ac-tivities between individuals and businesses by means of payment instruments, such as cash, pay-ment cards, or funds transfers. In order to ensure that payment and settlement transactions thatsupport economic activities take place smoothly, payment and settlement systems, comprised ofpayment instruments, payment systems, and participating institutions, need to be managed andoperated in a stable and efficient manner. In its capacity as the central bank, the Bank of Korea (BOK) plays a pivotal role in ensuring thesmooth operation and development of payment and settlement systems in Korea, in accordancewith the Bank of Korea Act. The BOK operates BOK-Wire+, a large-value payment system thatfinalizes settlements between financial institutions, and provides financial institutions with intra-day liquidity support to resolve settlement risks, such as those arising from settlement delays. TheBOK also conducts oversight of payment and settlement systems by monitoring and assessingoperating institutions and by making recommendations for improvements as necessary. The Payment and Settlement Systems Report 2023 provides an overview of the operation, over-sight, and innovation of payment and settlement systems by the BOK during 2023 and sets outfuture policy directions. The goal of this report is to enable system participants and the public togain a greater overall understanding of the various payment and settlement systems in Korea. Excerpts from the Bank of Korea Act Article 28. Decisions on Monetary and Credit PoliciesThe Monetary Policy Board shall deliberateand decide on matters involving the following clauses on monetary and credit policies. 10. Basic matters for the operation and management of the payment and settlement systems ac-cording to the provisions of Article 81.Article 81. Business Concerning Payment and Settlement Systems(1) For the purpose of promot-ing the safety and efficiency of the payment and settlement system as a whole, the Bank of Koreamay determine all the necessary matters concerning the payment and settlement systems that itoperates.(2) Concerning the payment and settlement systems that are operated by institutions other thanthe Bank of Korea, the Bank of Korea may if necessary request such operating institutions or thesupervisory body responsible to take measures for the improvement of the operating rules, or othermatters.(3) For the purpose of the smooth operation of overall payment and settlement systems, the Bank ofKorea may require institutions operating payment and settlement systems referred to in Paragraph2, above, to provide materials related to payments and settlements. In such cases, the operatinginstitutions shall comply. (4) The Bank of Korea may require participant institutions of payment and settlement systems oper-ated by the Bank of Korea referred to in Paragraph 1, above, to provide any relevant materials.Article 81-2. Support to Settle Temporary ShortagesThe Bank of Korea may, as determined bythe Monetary Policy Board, temporarily provide intraday funds to participant institutions of paymentand settlement systems operated directly by the Bank of Korea to meet any shortage of funds. Overview of Payment and Settlement Systems in Korea Payment and settlement systems in Korea consist of a network of interconnected subsystems. At thetop of the hierarchy are the retail payment systems operated mostly by the private sector, foreign ex-change settlement systems, and securities settlement systems connected to BOK-Wire+, the mainlarge-value payment system operated by the BOK. Legacy services, including promissory notes, checks, funds transfers, and payment card services, areprovided by traditional financial institutions. In recent years, fintech and other non-financial corpo-rations have begun to offer an increasingly wide range of services, such as issuing prepaid electronicpayment instruments and processing payments. □BOK-Wire+is a real-time gross settlement (RTGS) system that enables participants to initiatelarge-value funds transfers to settle mutual obligations resulting from various financial transactions,including calls, securities, and foreign exchange transactions, using their current accounts with theBOK. ㅇManagement of Settlement Risk The BOK provides intraday liquidity support to BOK-Wire+ participants to alleviate the burdensassociated with sourcing and managing settlement liquidity in real time. It is conducted in theform of intraday repos or the provision of intraday overdrafts to address liquidity needs that aretransitory in nature. □Retail Payment Systems Funds transfer instructions by individuals and businesses are processed through retail paymentsystems operated by the Korea Financial Telecommunications and Clearings Institute (KFTC), eitheron a real time or batch processing basis. The final settle