Skip to main content

Korean banks ordered to open up payment systems to fintech firms

xxx

"Under the FSC's plans, established banks must open their payment network to all fintech payment service providers as well as other banks. That would enable customers to use a single application to access their accounts at different banks and make payments. Fees charged on fintech firms for using the network will be lowered to one tenth of the current level to ensure fair competition.

Alongside this, amendments to the coutnry's Electronic Financial Transaction Act will mandate all banks to offer payment service providers with standardised APIs for money transfer. It will also prohibit banks from any discriminatory action against payment service providers using their payment system in processing money transfer and charging fees.

In the medium to long term, the FSC says it will consider allowing qualified fintech payment service providers direct access to the payment system without relying on banks’ services."

From "Korean banks ordered to open up payment systems to fintech firms".

xxx

Comments

Post a Comment

Popular posts from this blog

Euro area card payments double in a decade

xxx "The number of card payments in the euro area have more than doubled in a decade as consumers increasingly dispense with the hassle of carrying notes and coins, according to the latest statistics from the European Central Bank. In 2018, card payments accounted for almost half of the total number of non-cash payments across the single-currency area. Credit transfers and direct debits were the second and third most common non-cash payment methods, accounting for approximately 23% each, while e-money and cheques together made up around seven percent. However, the relative popularity of each type of payment service still varies widely across euro area countries. In 2018 card payments accounted for just over 70% of all non‑cash payments in Portugal, compared with around 23% in Germany. The stats show that the number of card payments made by consumers and businesses has more than doubled in the last decade, with an average of 121 card payments per capita in 2018, compared with
Post a Comment
Read more