• Journal of Korean Library and Information Science Society
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• v.35 no.1
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• pp.187-213
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• 2004

Nowadays changes of financial environment are internalization, generalization and autonomous system. The most importance in a struggle for existence is to secure a customer. The purpose of this study is to analyze whether information on financial service accounts have fully offered over internet, which information consumers needed in buying financial service accounts and whether consumer have satisfied with offered information Through this, to enhance the efficiency of financial information offered to consumer over internet and to explore the consumer demanding information model by finding the problems of offering financial information. The specific purpose of this study me following; 1. to investigate the actual situation which consumers behaviour of information providing and choosing about financial accounts items on internet. 2. to analyze the relationship between the level of consumer information need about financial information and rotated variables. 3. to analyze the relationship between the level of consumer information satisfaction about financial information over internet and related variables. 4. to analyze the new information financial service and contents. 5. to analyze the informatic information and financial service accounts.

• The Journal of Society for e-Business Studies
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• v.24 no.4
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• pp.79-107
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• 2019

Traditionally banks and other financial institutions use customers' accounts and information managed by them and provide payment services in dominant positions. Recently, EU amends Payment Services Directive to institutionally guarantee access to customers' accounts and use of account-related information even to third parties, which facilitates competition in financial markets and promotes innovation. However, this kind of change can increase potential security risks and therefore institutional responses from financial authorities are required so that all participants in financial markets can properly respond to security risks. In this study institutional responses to the security risks in the EU's new Payment Services Directive (PSD2) are analyzed, comparisons between this and domestic electronic financial regulations are analyzed, and implications for the direction of improving domestic electronic financial regulations will be suggested.

• East Asian Economic Review
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• v.23 no.3
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• pp.285-309
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• 2019

Unlike the popular belief, digital transformation mainly gets stymied by legal and regulatory issues related with legacy institutions in Asia rather than technical difficulties. The real challenges triggered by the PSD2 (Payment Services Directive 2) are how the region would overcome the overly fragmented, centralized, and hierarchical legacy framework to allow necessary changes to respond to the digital single market initiatives as promulgated by the European counterpart. The PSD2 is expected to bring about substantial changes in the payment ecosystem by allowing payment service providers to access customers' accounts and transactions information via API that have been traditionally controlled by banks. This paper suggests an incentive-compatible mechanism design for open collaboration among legacy institutions in the region to help them adapt to the PSD2. As evidenced by case studies in Korea, the Asian equivalent of PSD2 can be implemented and further expanded to create region-wide PCS (payment-clearing-settlement) network by reconnecting the dots of legacy infrastructures. These decentralized, diverse, small payment networks can be further combined with the expanded RTGS-CDS platform to evolve into the next phase of Asian Financial Network.

• Korea Trade Review
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• v.41 no.5
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• pp.163-185
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• 2016

The impact of global trade on developing countries is a critical subject. Especially in this country, under difficult conditions like political issues with North Korea, achieved a trade surplus of 90.2 billion dollars last year. While the service trade recorded a deficit of 15.7 billion dollars in the same period. According to WTO, services are either the result of a production activity that changes the conditions of the consuming units (transformation services), or facilitates the exchange of products or financial assets (margin services). To unify and compare with the trade and service statistics of countries, they assorted 12 classifications of services like Manufacturing service on physical inputs owned by others, Maintenance and repair service n.i.e., Transport, Travel, Construction, Insurance and pension service, Financial service, Charges for the use of intellectual property n.i.e., Telecommunications, Computer and information services, Other business services, Personal, cultural and recreational services, and Government goods and services n.i.e. Thus, this study is to estimate the international competitiveness of service trade between 2006 and 2015 in Republic of Korea, according to EBOPS 6th. As a result, total service volume of export and import has increased in the last 10 years. Its volume, recently, accounts for 22% of total goods trade. Also the Korean Government can make a supporting policy and decide a supporting business in terms of service trade. Finally, we can find a mutual connectivity within 12 service businesses and between Service and Goods.

• Culinary science and hospitality research
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• v.15 no.4
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• pp.212-226
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• 2009

This study attempted to analyze the correlation between financial ratio and operating performance of foodservice companies, using the financial data by DART service. Financial ratio is an index to identify the management of foodservice companies from calculating the ratio associating two accounts in the financial statements. Managers, creditors and investors often have different purposes for using the ratio analysis to evaluate the contents of the financial statements. According to the analysis of financial ratio and operating performance, listed food and beverage companies proved to have a high correlation in all except for interest coverage. However, foodservice companies showed a high correlation in stability and growth ratio. Therefore, managers of the foodservice companies will need to improve operating performance for using efficient utilization plans of debt from assets and operating expenses(cost of goods sold, general and other expenses).

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.39
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• pp.105-142
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• 2008

For many companies, selling in an international market place is the ultimate challenge. One of the greatest problems facing exporters is the increasing insistence by importers that trade be conducted on open account terms. This often means that payment is received many weeks or even months after delivery. Unsurprisingly, many organisations find that giving buyers credit in this way can cause severe cash flow problems. Further problems can arise if the importer delays payment beyond originally agreed terms or makes no payment at all because of financial failure. In particular, many SMEs find it difficult to finance their production cycle, since after goods are delivered most buyers demand 30 to 90 days to pay. Therefore, International factoring for SME has been developing very rapidly in the world trade financing markets. Functions of international factoring as trade financing is a comprehensive financial service that includes credit protection, accounts receivable bookkeeping, collection services and financing. Factoring can be a powerful tool in providing financing to high-risk, informationally opaque sellers. International factoring is very helpful for international exporters to get competitiveness in the world markets. In Korea, a few banks are operating international factoring. But International factoring in Korea could not play a key roll as general trade supporting service. So, This study is to suggest importances of international factoring development for trade development and to investigate real operation situations and problems by way of interviews with operators in banks that are operating international factoring and suggest development strategies for international factoring in Korea.

• Journal of Service Research and Studies
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• v.10 no.1
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• pp.17-31
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• 2020

Open banking, the global trend of the financial industry, is the driving force behind various innovations in the financial market in the future. The right policy direction and detailed tasks are important for triggering the differentiation and reunion of the financial industry. The purpose of this study is to investigate and analyze the background of open banking, domestic and international trends, and Korea's open banking policy. The policy directions and tasks for successful settlement and activation of open banking system are carefully suggested. Open banking is a policy to allow third party provider(TPP) access to bank accounts and open payment functions under the explicit consent of the customer. The opening of the open banking era is expected to begin competition and cooperation between banks and fintech companies in earnest, thus enhancing the competitiveness of the financial industry and contributing to the utility of financial consumers. To this end, policymakers should make every effort to advance open-ended financial settlement infrastructure, open banking legal grounds, and minimize side effects such as customer data leakage and poor financial system stability. Banks and fintech companies will need to focus on scattered customer financial information on a single platform and develop it into a convergence and discrimination of true financial services.

• Journal of Korean Society of Industrial and Systems Engineering
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• v.46 no.1
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• pp.91-104
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• 2023

The records system is believed to have started in Italy in the 14th century in line with trade developments in Europe. In 1491, Luca Pacioli, a mathematician, and an Italian Franciscan monk wrote the first book that described double-entry accounting processes. In many countries, including Korea, the government accounting standards used single-entry bookkeeping rather than double-entry bookkeeping that can be aggregated by account subject. The cash-based and single-entry bookkeeping used by the government in the past had limitations in providing clear information on financial status and establishing a performance-oriented financial management system. Accordingly, the National Accounting Act (promulgated in October 2007) stipulated the introduction of double-entry bookkeeping and accrual accounting systems in the government sector from January 1, 2009. Furthermore, the Korean government has also introduced International Financial Reporting Standards (IFRS), and the System of National Accounts (SNA). Since 2014, Korea owned five national accounts. In Korea, valuation began with the 1968 National Wealth Statistics Survey. The academic origins of the valuation of national wealth statistics which had been investigated by due diligence every 10 years since 1968 are based on the 'Engineering Valuation' of professor Marston in the Department of Industrial Engineering at Iowa State University in the 1930s. This field has spread to economics, etc. In economics, it became the basis of capital stock estimation for positive economics such as econometrics. The valuation by the National Wealth Statistics Survey contributed greatly to converting the book value of accounting data into vintage data. And in 2000 National Statistical Office collected actual disposal data for the 1-digit asset class and obtained the ASL(average service life) by Iowa curve. Then, with the data on fixed capital formation centered on the National B/S Team of the Bank of Korea, the national wealth statistics were prepared by the Permanent Inventory Method(PIM). The asset classification was also classified into 59 types, including 2 types of residential buildings, 4 types of non-residential buildings, 14 types of structures, 9 types of transportation equipment, 28 types of machinery, and 2 types of intangible fixed assets. Tables of useful lives of tangible fixed assets published by the Korea Appraisal Board in 1999 and 2013 were made by the Iowa curve method. In Korea, the Iowa curve method has been adopted as a method of ASL estimation. There are three types of the Iowa curve method. The retirement rate method of the three types is the best because it is based on the collection and compilation of the data of all properties in service during a period of recent years, both properties retired and that are still in service. We hope the retirement rate method instead of the individual unit method is used in the estimation of ASL. Recently Korean government's accounting system has been developed. When revenue expenditure and capital expenditure were mixed in the past single-entry bookkeeping we would like to suggest that BOK and National Statistical Office have accumulated knowledge of a rational difference between revenue expenditure and capital expenditure. In particular, it is important when it is estimated capital stock by PIM. Korea also needs an empirical study on economic depreciation like Hulten & Wykoff Catalog A of the US BEA.

• Journal of Intelligence and Information Systems
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• v.20 no.2
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• pp.163-178
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• 2014

Following research proposes "Virtualization of Smart Cards (ViSCa)" which is a security system that aims to provide a multi-device platform for the deployment of services that require a strong security protocol, both for the access & authentication and execution of its applications and focuses on analyzing Virtualization of Smart Cards (ViSCa) platform-based mobile payment service by comparing with other similar cases. At the present day, the appearance of new ICT, the diffusion of new user devices (such as smartphones, tablet PC, and so on) and the growth of internet penetration rate are creating many world-shaking services yet in the most of these applications' private information has to be shared, which means that security breaches and illegal access to that information are real threats that have to be solved. Also mobile payment service is, one of the innovative services, has same issues which are real threats for users because mobile payment service sometimes requires user identification, an authentication procedure and confidential data sharing. Thus, an extra layer of security is needed in their communication and execution protocols. The Virtualization of Smart Cards (ViSCa), concept is a holistic approach and centralized management for a security system that pursues to provide a ubiquitous multi-device platform for the arrangement of mobile payment services that demand a powerful security protocol, both for the access & authentication and execution of its applications. In this sense, Virtualization of Smart Cards (ViSCa) offers full interoperability and full access from any user device without any loss of security. The concept prevents possible attacks by third parties, guaranteeing the confidentiality of personal data, bank accounts or private financial information. The Virtualization of Smart Cards (ViSCa) concept is split in two different phases: the execution of the user authentication protocol on the user device and the cloud architecture that executes the secure application. Thus, the secure service access is guaranteed at anytime, anywhere and through any device supporting previously required security mechanisms. The security level is improved by using virtualization technology in the cloud. This virtualization technology is used terminal virtualization to virtualize smart card hardware and thrive to manage virtualized smart cards as a whole, through mobile cloud technology in Virtualization of Smart Cards (ViSCa) platform-based mobile payment service. This entire process is referred to as Smart Card as a Service (SCaaS). Virtualization of Smart Cards (ViSCa) platform-based mobile payment service virtualizes smart card, which is used as payment mean, and loads it in to the mobile cloud. Authentication takes place through application and helps log on to mobile cloud and chooses one of virtualized smart card as a payment method. To decide the scope of the research, which is comparing Virtualization of Smart Cards (ViSCa) platform-based mobile payment service with other similar cases, we categorized the prior researches' mobile payment service groups into distinct feature and service type. Both groups store credit card's data in the mobile device and settle the payment process at the offline market. By the location where the electronic financial transaction information (data) is stored, the groups can be categorized into two main service types. First is "App Method" which loads the data in the server connected to the application. Second "Mobile Card Method" stores its data in the Integrated Circuit (IC) chip, which holds financial transaction data, which is inbuilt in the mobile device secure element (SE). Through prior researches on accept factors of mobile payment service and its market environment, we came up with six key factors of comparative analysis which are economic, generality, security, convenience(ease of use), applicability and efficiency. Within the chosen group, we compared and analyzed the selected cases and Virtualization of Smart Cards (ViSCa) platform-based mobile payment service.

• Journal of the Korea Society of Computer and Information
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• v.15 no.12
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• pp.247-253
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• 2010

The demand that needs 'Digital Legacy', a notion that an Internet user can transfer his private blogs, e-mail and financial assets to inheritors and party interested when he died suddenly in the accident, has been growing recently. This issue has become a social hot potato since Justine Ellsworth's father in USA sued Yahoo for the right to access his son's Yahoo e-mail account after Justine Ellsworth had died in Iraq, in November, 2004 and the problems happened to deal with suicide-related blogs and homepages when great entertainers in Korea committed suicide and soldiers' parents in the situation of warship Chonan tragedy in Korea demanded access to soldiers' homepages and e-mail accounts. The point at issue focuses on the property matters about the digital information of the deceased and the relationship between the deceased and the Internet Service Provider(ISP). This research looks into the trend of judicial precedents and laws related to the digital information of the deceased and suggests the preliminary data of the next research.