Toss Bank Accelerates Launch... Joint Network Connection Completed and CBT Underway

Official Opening Scheduled by Early October at the Latest

[Asia Economy Reporter Kiho Sung] Toss Bank, the third internet-only bank, is accelerating its launch. It has completed the linkage with the financial shared network for interbank transactions and is 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, early October.

According to the financial sector on the 31st, 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 for thorough system inspection. The shared network underwent system work from midnight to 1 a.m. on the 27th. Currently, Toss Bank’s linkage with the financial shared network is complete, and internal CBT is underway for Toss Bank employees, with plans to soon expand testing to all Toss employees.

The linkage with 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 & Clearings Institute, created for mutual operations among domestic financial institutions. Transactions between banks, including transfers, are conducted through this shared network. A Toss Bank official stated, "Account opening, remittance, and transfers are currently functioning smoothly," and added, "We will continue testing 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 the cloud system 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 secure more than 200 employees, mainly developers, by the launch, up from the current 160.

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."