Korea builds utility to connect to CLS

The utility will be based on an existing government clearing payments organisation, the Korea Financial Telecommunications & Clearings Institute (KFTC). Most Korean banks are already members of the KFTC, which currently handles the interbank routing of all financial transactions and real-time funds settlement.

The utility will be similar to one currently live in Singapore, Clearing & Payment Services (Caps), which was built by BearingPoint predecessor KPMG Consulting.

The Korean model, like Caps

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