Korea Trade Review (무역학회지)

Korea Trade Research Association (한국무역학회)
권호 표지
DOI QR코드

DOI QR Code

Korea's countermeasures based on a Comparison of the policy of large-value funds payment system between Korea and the US

한·미 거액결제시스템 정책비교로 본 우리나라의 대응방안

  • Jeong, Boon-Do (Department of International Trade, Chosun University) ;
  • Hong, Mi-Seon (Department of International Trade, Chosun University)
  • Received : 2019.05.20
  • Accepted : 2019.06.30
  • Published : 2019.06.30
Download PDF
⟨ Previous Next ⟩

Abstract

Despite innovative efforts to accommodate changes in the payment environment, the new types of settlement risks that are emerging require preemptive and proactive responses. Therefore, Korea should complement and develop large-value funds payment system operation and risk management policies by introducing international standards and linking with advanced financial institutions. This study examines the major issues such as the development process and characteristics of the large-value funds payment system of the two countries, the operation policy of the central bank, and the risk management policy by comparing the US Fedwire with the Korea Bok-Wire+. In addition, policy implications are suggested for efficient operation and development of Bok-Wire+.

Keywords

References

  1. A Chapman (2009), "Payment Briefs", AFP Exchange, 28(4), 12-19.
  2. Baxter, Thomas C. and A. Stephanie and Heller and Paul S. Turner, "ABCs Of UCC", America Bar Association, 12-14.
  3. Benjamin Geva (2003), "Recent UCC Article 4A Jurisprudence: Critical Analysis", The Uniform Commercial Code Law Journal, 36, 19.
  4. Benjamin Geva (2003), "The Law of Electronic Funds Transfer, New York", Matthew Bender.
  5. Benjamin Geva (2005), "Recent UCC Article 4A Developments 2003-2005", Uniform Commercial Code Law Journal, 38(6), 54-59.
  6. Benjamin Geva (2009) ,"Recent UCC Article 4A Jurisprudence: Critical Analysis," Chicago-Kent Law Review, 633, 21-29.
  7. BIS CPSS (2005), "Central Bank Oversight of Payment and Settlement Systems".
  8. Federal Reserve Bank (2017), "Federal Reserve Policy on Payment System Risk", 15-30.
  9. Kim, Dong-seop and Lee, Il-il and Sohn, Young-hee and Jeon, Je-hoon (2017), "The role of payments in the early development of the central bank", Payment Survey, 2017-2, 3-36.
  10. Kim, Jong-Wook and Lee Byoung-Mok (2013), "Background of Development in Payment and Settlement Systems and the Role of Central Bank", Journal of Payment and Settlement, 7(1), 57-77.
  11. Kim, Seo-Young (2013), "Payment Trends and Suggestions in the US and Japan", Payment and information technology, 53, 65-97.
  12. Kim, Seo-Young (2013), "Status and Implications of Payment System for Guarantees of Major Countries", Payment and information technology, 54, 64-88.
  13. Kim, Seo-Young (2014), "Characteristics and prospects of payment agencies in major countries", Payment and information technology, 56, 28-55.
  14. Kim, Za-bong (2009), "The main contents and implications of the US liquidation settlement bill", Weekly financial brief, 18(35)
  15. Lee, Byeong-Ryul (2008), "A Comparative Study on ACH and Fedwire as a Cross-Border Payment System", International commerce and information review, 10(1), 150-151.
  16. Lee, Byeong-Ryul (2017), "A Comparative Assessment Between LVTS of Canada and Fedwire of America as a Wholesale Electronic Payment System", International Commerce and Information Review, 19(1), 43-63.
  17. Lee, Hyo-seop (2018), "Analysis and Implications for ISO20022 Domestic Implementation", Payment and information technology, 68(1), 57.
  18. Lee, Joo-yeol (2017), "Payments report for 2016", The Bank of Koea, 45-54.
  19. Lee, Joo-yeol (2019), "Payments report for 2018", The Bank of Koea, 65-74.
  20. Lee, Yoon-Sung and Kim Min-Jeong (2014), "Operation status and revision trend of major settlement system in major countries", Payment Survey, 2014-3, 1-73.
  21. Richard F. Dole (1995), "Receiving Bank Liability for Errors in Wholesale Wire Transfer", Tulane Law Review, 69, 32-45.
  22. The Bank of Korea (2014), "Payment system in Korea" 147.
  23. The Bank of Korea (2016), "Strategies for mid-to long-term payment and settlement of the Bank of Korea", 15-20.
  24. The Bank of Korea (2018), "2017 Payment Billing Report", 43-46.