Toss Bank Advances with Joint Network Connection and Soft Launch... Countdown to Full Opening

Soft Launch for Internal Staff
Official Opening Scheduled for Late September to Early October

[Asia Economy Reporter Kiho Sung] Toss Bank, the third internet-only bank, is accelerating its launch. Following the completion of the financial shared network linkage for interbank transactions, it is currently conducting a soft open allowing employees to use some functions. Toss Bank expects to officially open as early as the end of September, or at the latest, the beginning of October.

According to the financial sector on the 30th, Toss Bank has been conducting a closed beta test (CBT) since the 28th, opening functions such as account opening, inquiry, and transfer to employees. This follows the completion of the financial shared network system work on the 27th and is intended for thorough system inspection. Currently, the CBT is limited to Toss Bank employees, with plans to expand testing to all Toss employees soon.

The linkage to the financial shared network and the subsequent internal testing occur in the final stages of preparation for the bank’s launch. The financial shared network is a system operated by the Korea Financial Telecommunications and Clearings Institute, created for mutual operations among domestic financial institutions. Transactions between banks, including transfers, are conducted through this network. A Toss Bank official stated, "Account opening, remittance, and transfers are currently functioning smoothly," and added, "Testing will continue until the official launch."

The Toss Bank application features a ‘one-app’ approach based on Toss, a mobile financial app used by 20 million people. Instead of releasing a separate app, banking services are integrated into the existing Toss app to enhance consumer accessibility.

However, to improve system stability, it operates on a separate server from Toss. This ensures that even if the Toss app experiences issues, Toss Bank services can continue uninterrupted. Additionally, a private cloud system has been established for disaster recovery (DR) infrastructure, intended to respond using cloud systems in case of failures. An abnormal financial transaction detection system (FDS) and a machine learning-based analysis monitoring system have also been implemented.

Staff recruitment is ongoing. The plan is to increase the current workforce of 160, mainly developers, to over 200 by the launch.

A Toss Bank official said, "The goal is to launch by the end of September, and the official service will be available within one to two weeks of the scheduled time at the latest."