The Republic of Korea was an early innovator in IP, with one of the longest running IP systems in the world. Despite this long history, Korea’s IP landscape is still developing.
Korea’s CD/ATM network dates back to 1988. Operated by Korea Financial Telecommunications & Clearings Institute (KFTC), it has provided near-immediate payments since its inception and near-24/7 operations (00:05—23:55) since 2007. Transactions on the network are typically processed within one to two seconds. In prior iterations of the network, it could only be accessed via physical channels such as bank branches and ATMs. However, the scope of participants has expanded and protocols have been standardized, allowing end users to access the CD/ATM network via mobile phone authentication since 2007.
Korea also has the Electronic Banking System (EBS), sometimes known as HOFINET. EBS is a domestic retail payments system that processes customers’ fund transfers and cash withdrawals in real time. It operates 24/7/365, and users are only required to provide the recipient’s bank account number. The solution is available to both individuals and corporate customers. Designed to overcome certain accessibility limitations of the CD/ATM network, EBS can be accessed via internet and mobile banking, mobile wallets and physical channels such as ATMs and bank branches.