Bank of Korea-Italy Central Bank, Payment System Cooperation MOU

The Bank of Korea announced on the 5th that it has signed a Memorandum of Understanding (MOU) with the Bank of Italy to strengthen cooperation in the fields of information technology (IT) and payment systems.

Both institutions agreed to share knowledge and expertise related to the Real-Time Gross Settlement (RTGS) system and Central Bank Digital Currency (CBDC).

The Bank of Italy is responsible for the establishment and operation of the European Central Bank's (ECB) Target Instant Payment Settlement (TIPS) system and is also participating in CBDC research within the European region.

[Image source=Yonhap News]