KB Kookmin Bank and NH Nonghyup Bank have been selected as participants in the Ministry of Science and ICT and the Korea Internet & Security Agency's 'Deposit Token Payment Infrastructure Expansion Project,' the banks announced on July 23.
This initiative is a private consortium led by the Financial Settlement Agency, in collaboration with the Ministry of Economy and Finance and the Bank of Korea. The goal is to implement a private payment infrastructure that allows citizens to use deposit tokens based on the central bank digital currency (CBDC) verified through the Bank of Korea's 'Project Han River.'
KB Kookmin Bank will support merchants in accepting deposit token payments without the need for replacing terminals or overhauling systems by utilizing its existing payment network.
The settlement period, which previously took 1 to 3 days, is expected to be shortened to an immediate settlement level, thereby reducing the payment processing fees for small businesses. Additionally, the bank plans to co-develop key technologies such as deposit token wallet integration, security solutions, and smart contract verification with small and medium-sized enterprises and startups in the blockchain and IT sectors.
NH Nonghyup Bank will collaborate with the Financial Settlement Agency consortium to implement QR code-based payment services and promote the expansion of deposit token payments using existing payment infrastructure. The bank intends to leverage the experience gained from this project to broaden its application in the public sector in conjunction with the Ministry of Economy and Finance's treasury management policies.
This initiative is a private consortium led by the Financial Settlement Agency, in collaboration with the Ministry of Economy and Finance and the Bank of Korea. The goal is to implement a private payment infrastructure that allows citizens to use deposit tokens based on the central bank digital currency (CBDC) verified through the Bank of Korea's 'Project Han River.'
KB Kookmin Bank will support merchants in accepting deposit token payments without the need for replacing terminals or overhauling systems by utilizing its existing payment network.
The settlement period, which previously took 1 to 3 days, is expected to be shortened to an immediate settlement level, thereby reducing the payment processing fees for small businesses. Additionally, the bank plans to co-develop key technologies such as deposit token wallet integration, security solutions, and smart contract verification with small and medium-sized enterprises and startups in the blockchain and IT sectors.
NH Nonghyup Bank will collaborate with the Financial Settlement Agency consortium to implement QR code-based payment services and promote the expansion of deposit token payments using existing payment infrastructure. The bank intends to leverage the experience gained from this project to broaden its application in the public sector in conjunction with the Ministry of Economy and Finance's treasury management policies.
* This article has been translated by AI.
Copyright ⓒ Aju Press All rights reserved.