[Asia Economy Reporter Kim Eun-byeol] The Bank of Korea announced on the 21st that it will hold a ceremony to commemorate the launch of the next-generation Bank of Korea Financial Network.
The Bank of Korea Financial Network, the only large-value payment system in Korea, has been in operation since 1994. As the system became more complex due to the introduction of new mechanisms such as the hybrid payment system and Delivery Versus Payment (DVP) for securities settlement, the need for improvement was raised.
The Bank of Korea began building the next-generation Bank of Korea Financial Network in 2015. Along with the decision to completely rebuild the internal accounting system in addition to the Financial Network, the construction of the next-generation Bank of Korea Financial Network was promoted in conjunction with the accounting system reform.
After more than five years of planning, development, and testing, it was successfully launched on the 12th, and a ceremony will be held with Governor Lee Ju-yeol of the Bank of Korea and related officials in attendance.
The Governor presented plaques of appreciation to LG CNS, the system developer, and others, and urged, "Going forward, the Bank of Korea Financial Network should actively respond to changes in the financial environment and strive to smoothly perform its central role in Korea's payment and settlement system."
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