{"id":12856,"date":"2019-05-28T06:36:04","date_gmt":"2019-05-28T06:36:04","guid":{"rendered":"http:\/\/bulletins.bfconsulting.com\/?p=12856"},"modified":"2019-05-28T06:36:04","modified_gmt":"2019-05-28T06:36:04","slug":"south-korea-plans-interbank-payment-network","status":"publish","type":"post","link":"https:\/\/bulletins.bfconsulting.com\/en\/south-korea-plans-interbank-payment-network\/","title":{"rendered":"South Korea plans interbank payment network"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">South Korea\u2019s financial regulator has revealed plans to create an open interbank payment network. The system is expected to help the country foster more successful FinTech firms and rejuvenate the country\u2019s economy.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Currently, only banks are granted access to the financial network to make money payments and transfers. Each bank is allowed to handle only its own banking services, and FinTech firms are hindered in their efforts by costs, as transaction fees for them are typically between USD 0.30 and USD 0.45 per transaction. The creation of the new network is expected to be accompanied by amendments to relevant laws that will allow FinTech firms to directly access the payment network and help lower transaction fees.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">There is no specific timeline for the network\u2019s launch, but South Korea\u2019s regulator plans to bring in the network online in phases in the near future.<\/span><\/p>\n<div class=\"rpbt_shortcode\">\n\n<div id='rpbt-related-gallery-1' class='gallery related-gallery related-galleryid-12856 gallery-columns-3 gallery-size-thumbnail'><figure class='gallery-item' role='group' aria-label='Polish realities in a PSD2 Europe'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/polish-realities-in-a-psd2-europe\/'><img width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2019\/06\/polish-realities-in-a-psd2-europe-150x150.png\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" decoding=\"async\" aria-describedby=\"rpbt-related-gallery-1-13043\" loading=\"lazy\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-13043'>\n\t\t\t\tPolish realities in a PSD2 Europe\n\t\t\t\t<\/figcaption><\/figure><figure class='gallery-item' role='group' aria-label='Digitalization changing how finance works in Kazakhstan'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/digitalization-changing-how-finance-works-in-kazakhstan\/'><img width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2017\/11\/be1ddc53-d57f-4c4d-a268-6050773d4324-150x150.jpg\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" decoding=\"async\" aria-describedby=\"rpbt-related-gallery-1-7204\" loading=\"lazy\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-7204'>\n\t\t\t\tDigitalization changing how finance works in Kazakhstan\n\t\t\t\t<\/figcaption><\/figure><figure class='gallery-item' role='group' aria-label='41% of EU banks fail to meet important PSD2 deadline'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/41-of-eu-banks-fail-to-meet-important-psd2-deadline\/'><img width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2019\/06\/41-of-eu-banks-fail-to-meet-important-psd2-deadline-150x150.png\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" decoding=\"async\" aria-describedby=\"rpbt-related-gallery-1-12988\" loading=\"lazy\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-12988'>\n\t\t\t\t41% of EU banks fail to meet important PSD2 deadline\n\t\t\t\t<\/figcaption><\/figure>\n\t\t<\/div>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>South Korea\u2019s financial regulator has revealed plans to create an open interbank payment network. The system is expected to help the country foster more successful FinTech firms and rejuvenate the country\u2019s economy. Currently, only banks are granted access to the financial network to make money payments and transfers. Each bank is allowed to handle only &hellip;<\/p>\n","protected":false},"author":5,"featured_media":12883,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10,437],"tags":[70,75],"_links":{"self":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts\/12856"}],"collection":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/comments?post=12856"}],"version-history":[{"count":1,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts\/12856\/revisions"}],"predecessor-version":[{"id":12857,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts\/12856\/revisions\/12857"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/media\/12883"}],"wp:attachment":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/media?parent=12856"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/categories?post=12856"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/tags?post=12856"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}