Innovation in the field of payment and settlement systems continued apace in 2022, with a steady rise seen in payment services provided by fintech companies and Big Tech, as well as in the usage of the Open Banking System. This has further expanded the role of central banks in ensuring the safety and security of payment and settlement systems and in providing stable support for the innovation of the payment and settlement field. In the international community, discussions on the introduction of CBDCs and the regulation and oversight of stablecoins have gained momentum.
In a proactive response to the changing environment surrounding the payment and settlement systems, the BOK made efforts on multiple fronts to enhance their safety and efficiency. Sustained efforts were made to enhance the payment and settlement infrastructure through projects such as the implementation of an RTGS-based fast payment system and the adoption of ISO 20022. Moreover, all the while ensuring the stable management of net settlement
risk in the retail payment systems, the BOK relaxed the rules on collateral for net settlement obligations to ease the associated burden on participants. Steady progress was made in technical and institutional preparations for the potential launch of a CBDC and simulation experiments were conducted. Meanwhile, to further increase the convenience of ATM access for the public, the BOK’s ATM location information service was also made available through major mobile map platforms. The oversight of payment and settlement systems, including the assessment of financial market infrastructures and the provision of recommendations for improvements and joint examinations of participants, was carried out effectively.
Going forward, the BOK will continue its efforts to expand payment and settlement infrastructure by advancing the RTGS-based fast payment system project to its next stage, implementing ISO 20022 for BOK-Wire+, and strengthening the safety and security of the Open Banking System. To lead the innovation and advancement of the payment and settlement field, the BOK will increase the breadth and depth of its research into CBDCs in keeping with related developments among central banks in major countries, and conduct joint experiments with domestic financial institutions, other relevant domestic entities, and international organizations to test various use cases. Moreover, the BOK will expand the oversight of payment and settlement systems by improving the oversight framework for payment services provided by Big Tech, build up response capabilities with regard to IT operational risk, and take part in discussions on the regulation and oversight of stablecoins.