Korea Financial Telecommunications & Clearings Institute (KFTC) is a payment services provider operating a variety of payment systems for financial institutions in Korea. The payment systems operated by KFTC cover check clearings, Giro payments, interbank funds transfers and a wide range of electronic payments. Since its foundation in 1986, KFTC has been playing a leading role in the growth of the payment industry in Korea. Around 41 financial institutions, including 25 securities companies, are currently offering cutting-edge payment services to their customers through the payment system infrastructure of KFTC. In addition, KFTC products include the Uniway for CLS, a straight-through processing solution for CLS Settlement Members.

KFTC has developed and operated a wide range of payment systems in an efficient and safe way for more than 23 years. In addition to payment services, KFTC is responsible for financial information protection and certification to meet an increasing demand for security in the electronic banking industry. With such experience and expertise of payment systems and financial security, KFTC supported the successful establishment of interbank payment systems of the central bank of Vietnam in 2001 and of the Nigerian real-time gross settlement system in 2003. In 2008 KFTC developed the Uniway for CLS, a new CLS client application, with its own professional IT personnel. Since June 2009, the Uniway for CLS has been running on the CLS systems for three Korean CLS settlement members. The Uniway for CLS reflects the requirements and feedbacks from settlement members and their third parties, now having the competitive edge in functions, design, availability and system resources.

KFTC has worked with local banks to implement scores of shared payment systems and related networks in Korea, all of which are efficiently and securely operational. Based upon its comprehensive expertise of system implementation and project management, KFTC successfully implemented the CLS shared infrastructure for Kookmin Bank and Korea Exchange Bank in 2004 and had Shinhan Bank join the infrastructure in 2008. As a CLS service provider, KFTC operates a shared CLS utility for handling CLS FX / NDF instructions submitted by three local CLS settlement members and 14 third parties. In 2009, Morgan Stanley Seoul Branch joined KFTC as a third party for submitting CLS FX instructions to CLS.

Contact: Kyoosun Choi, Senior Manager, CLS Team
Telephone: 82 2 531 1785
Email: ksunchoi@kftc.or.kr
Website: http://cls.kftc.or.kr