Korea Financial Telecommunications & Clearings Institute

What Korea Financial Telecommunications & Clearings Institute does

Korea Financial Telecommunications & Clearings Institute (KFTC, 금융결제원) is South Korea's national payment settlement institution, established in June 1986 as a non-profit corporation (사단법인) and designated as one of Korea's five national key computer networks. The institute operates shared financial infrastructure connecting all major Korean financial institutions — including the Bank of Korea, commercial banks, regional banks, securities firms, insurance companies, and card companies — for interbank payment clearing, authentication, and data exchange. In 2025, KFTC processed 24.47 billion transactions totaling 40.48 trillion KRW across its networks.

KFTC's platform is organized across four business segments: payment infrastructure (Financial Common Network, note/check exchange, cross-border network/EXK), payment services (BankPay with ~700,000+ merchants, Zero Pay mobile QR, Giro, CMS, card VAN/PG), data services (Datop financial data platform, Account Info aggregation, MyData brokerage, loan transfer infrastructure), and authentication (YESKEY financial certificates, OTP, biometric, blockchain identity verification via BankSign/MyInfo). The institute operates the designated open banking platform, mydata brokerage intermediary under the Credit Information Act, and serves as Korea's data specialist institution. Proprietary technologies include cloud-based financial certificates, distributed biometric management across 79 institutions, and TrustOne OTAC authentication.

Revenue is generated through membership contributions and service fees from participating financial institutions, with no public equity or venture funding. The institute is currently pursuing international expansion through cross-border QR payment services — launched with Indonesia (Bank Indonesia/ASPI) in April 2026, with India (NPCI) and Vietnam (NAPAS) MOUs signed the same month, and Uzbekistan, Singapore, and Thailand under evaluation. AI transformation initiatives include an AI Agent Payment Platform proof-of-concept, AI-powered AML detection, and formation of a Financial Sector AX Alliance to coordinate AI adoption across Korean finance.

Name

Korea Financial Telecommunications & Clearings Institute

Legal name

Korea Financial Telecommunications & Clearings Institute

Website

https://kftc.or.kr

Company type

Private

Founded year

1986

Operating status

Operating

Headcount range

51–100 employees

Short description

Korea Financial Telecommunications & Clearings Institute (KFTC) is South Korea's national non-profit payment settlement institution, operating shared payment, authentication, and data infrastructure connecting all major Korean financial institutions. Founded 1986, it processes 24+ billion transactions annually and is expanding cross-border QR payment services across Asia.

Ownership category

akta.pro rank

Product category

Payment Infrastructure and Financial Settlement Services

NAICS

Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320)

SIC

Finance Services (6199)

akta.pro primary industry

Payment Reconciliation, Reporting & Settlement Infrastructure (FSAGABAH)

akta.pro secondary industries

Payments Operations (ACH/Wire/RTGS, SWIFT, SEPA, Checks) (FSABALAB), Cross-Border A2A & Bank Transfer Networks (FSAMAIAF)

Keywords

• Payment settlement infrastructure
• Interbank clearing services
• Financial authentication services
• Open banking platform
• Cross-border payment network

Headquarters

HQ city

Yeoksamdong

HQ country

South Korea

HQ region

Asia

Offices4 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Technology or R&D, Infrastructure, Operations, Others

Revenue model

1. Financial Institution Membership and Service Fees: KFTC operates as a non-profit corporation (사단법인) established in June 1986. Revenue is generated through membership contributions and service fees from participating financial institutions. Members include the Bank of Korea, commercial banks, regional banks, savings banks, financial investment companies, and other financial entities. Services are provided to facilitate payment clearing, information brokerage, and authentication across the financial sector.

Go-to-market motion3 records

Distribution channels5 records

Marketing channels7 records

Core offering

KFTC establishes and operates Korea's national inter-bank payment and settlement network, providing shared financial infrastructure (Financial Common Network) connecting all Korean financial institutions for fund settlement and information exchange. Its offerings span payment processing (BankPay electronic commerce, ZeroPay mobile QR, Giro bill payment, CMS cash management, card VAN/PG, note exchange), financial authentication (YESKEY certificates, OTP, biometric, blockchain identity), open banking APIs, MyData brokerage, account aggregation (Account Info), loan transfer infrastructure, and a cross-border QR payment network live with Indonesia and expanding across Asia.

Product overview

KFTC operates a platform-plus-modules architecture organized across four core business segments: 결제 (Payment Infrastructure), 페이먼트 (Payment Services), 데이터 (Data Services), and 인증 (Authentication). The payment infrastructure segment includes the financial joint network (금융공동망) connecting all Korean financial institutions for fund settlement, interbank note exchange (어음교환), and cross-border payment networks (국가간공동망/EXK). The payment services segment comprises the BankPay account-transfer electronic commerce service, Zero Pay mobile QR payments, giro bill payment services (지로), CMS cash management, and card VAN/PG services (KFTCVan). The data services segment includes the Datop financial data platform providing analytics and alternative credit scoring, Account Info (어카운트인포) account aggregation, MyData brokerage, and loan transfer (대출이동) infrastructure. The authentication segment centers on the YESKEY platform offering financial certificates (금융인증서), OTP, biometric authentication (바이오인증), and blockchain identity verification (뱅크사인/마이인포). Cross-border expansion is a key growth vector, with live QR payment links to Indonesia (April 2026) and planned expansion to India, Vietnam, and other Asian markets.

Differentiator

Problem solved

Functional benefit

Brands

• YESKEY: Financial certification service providing cloud-based financial certificates, blockchain-based identity confirmation, OTP, and biometric authentication services.
• 뱅크페이 (BankPay)
• 제로페이 (ZeroPay)
• 어카운트인포 (Account Info)
• 모비싸인 (MobiSign)
• 뱅크사인/마이인포 (BankSign/MyInfo)
• KFTCMobile
• 핀포 (FinPo)
• 바이오인증공동앱 (Bio Authentication Joint App)
• 마이데이터 (MyData)
• 트러스트원 (TrustOne)
• 스마트OTP공동앱 (Smart OTP Joint App)

Products and services

• Financial Common Network (금융공동망) Core payment infrastructure connecting KFTC and financial institution computer systems for fund settlement and information exchange. Includes CD/ATM networks, interbank transfer, electronic financial, open banking, regional bank network, cross-border network, domestic foreign currency transfer, and CLS network. Serves all participating Korean financial institutions.
• Open Banking (오픈뱅킹) Open financial payment platform providing standardized APIs enabling third-party developers to build applications integrating with Korea's payment infrastructure. Supports unified banking services, account information access, and payment initiation across all participating financial institutions. Includes developer portal at developers.kftc.or.kr.
• BankPay (뱅크페이) Electronic commerce payment intermediary service enabling customers to make real-time account-to-account payments for goods and services at online and offline merchants. Operates under the brand BankPay with approximately 700,000-780,000 merchant partners.
• Zero Pay (제로페이) Mobile QR code-based payment platform providing real-time account-to-account transfers at merchants without requiring credit cards. Allows PIN-based QR generation for offline payments and integrates with various mobile wallets.
• YESKEY Financial Authentication (금융인증) Comprehensive financial authentication platform offering electronic certificates (금융인증서, 공동인증서), OTP one-time passwords, biometric authentication, blockchain identity verification, and cloud-based certificate storage. Enables identity verification and electronic signatures for financial, e-commerce, and government transactions.
• Account Info (어카운트인포) / Account Information Integrated Management Account information aggregation service enabling users to view all financial accounts (banking, cards, loans, insurance) across financial institutions in one place. Supports account closure, balance transfer, auto-payment management, and voice phishing prevention via batch account suspension.
• MyData Brokerage Service (마이데이터 중계서비스) MyData brokerage service enabling individuals to transmit their personal credit information from financial institutions to designated mydata businesses, with KFTC acting as the authorized intermediary (중계기관) under Korea's Credit Information Act. Connects 90+ institutions.
• Giro / Bill Payment (지로 / 납부) Account-based bill payment service allowing payers to settle recurring bills (utilities, insurance, taxes) via financial institution accounts rather than cash or checks. Includes paper-based giro, electronic giro, and internet giro with mobile app support.
• CMS (Cash Management Service) Cash management service enabling businesses to efficiently collect payments from multiple customer accounts or disburse funds to multiple recipient accounts. Includes same-day and next-day disbursement options and bulk payment capabilities.
• Note Exchange / Electronic Note (어음교환 / 전자어음) Check and note exchange service processing inter-bank promissory notes electronically, enabling same-day settlement. Also includes electronic note management (전자어음) and B2B electronic receivables (전자채권) registration.
• KFTCVan / Card VAN Service (카드VAN / 카드승인중계) Card value-added network (VAN) service mediating communication between card-accepting merchants and financial institutions for transaction authorization, settlement, and additional services. Also includes electronic payment agency (PG) services for online merchants.
• Datop Financial Data Platform (데이탑) Financial data platform managing and analyzing KFTC's large volume of payment transaction data. Provides data services to financial institutions, fintech companies, and research institutions, including corporate activity insight data, alternative credit information, and data combination/anonymization evaluation as a designated data specialist institution.
• TrusBill Electronic Tax Invoice (전자세금계산서) Web-based electronic tax invoice issuance, receipt, transmission, and archiving service with PKI-based electronic signature. Automatically transmits to the National Tax Service, supporting tax invoices, transaction statements, receipts, and deposit slips.
• NaraBill Online Government Payment Claim (나라빌) Online government payment claim service allowing suppliers to submit invoices and payment documents to government agencies electronically, eliminating the need for in-person visits and reducing processing time and costs.
• Loan Transfer Infrastructure (대출이동 공동업무) Loan refinancing infrastructure enabling consumers to transfer existing loans to better-rate alternatives through a digital platform. KFTC acts as the intermediary between new and existing lenders, coordinating data retrieval, credit evaluation, and automatic repayment of old loans. Refinancing completes within 15 minutes during business hours.
• Distributed Biometric Authentication (바이오정보분산관리) Distributed biometric authentication service enabling customers to use fingerprint, iris, palm vein, facial, or voice recognition across all financial institutions at bank branches, ATMs, kiosks, and smartphones. Biometric templates are split and stored across multiple institutions using distributed management technology.
• EXK Cross-Border Network (국가간공동망 / EXK) International payment network linking domestic and overseas payment systems, enabling Korean customers to withdraw cash from overseas ATMs, check balances, and send remittances internationally. Supports 21 currencies including USD, EUR, and JPY.
• Cross-Border QR Payment Service (국경을 연결하는 Cross-Border QR Payment) Cross-border QR payment network enabling Korean and international users to make real-time payments via QR codes without separate currency exchange. Reduces transaction costs by up to 2 percentage points versus conventional FX services.
• P2P Central Recordkeeping (P2P중앙기록관리) Central recordkeeping institution for online investment-linked finance (온라인투자연계금융, P2P lending). Receives loan information, investment information, and borrower/investor data from P2P operators and records and manages these records as required by law.
• BankSign / MyInfo Distributed Identity (뱅크사인/마이인포) Blockchain-based distributed identity service that allows users to issue, store, and present digital identity credentials for identity verification. MyInfo serves as an information wallet for managing personal credentials on blockchain, supporting overseas Korean certificate issuance.
• AI Agent Payment Platform (Proof-of-Concept) AI-powered payment platform enabling artificial intelligence agents to autonomously search for, select, and purchase goods on behalf of users through conversational AI interaction from product discovery to payment execution. Includes anti-money laundering AI detection capabilities.
• Digital Consular Authentication Financial Power of Attorney Service Blockchain-based digital authentication service enabling overseas Koreans to execute financial power of attorney digitally without embassy visits, physical seals, or international couriers. Launching with 8 major Korean financial institutions including Shinhan, KB Kookmin, and Hana Bank.

Quantifiable outcome

• Cross-border QR payments reduce transaction costs by up to 2 percentage points compared to conventional services
• +3 more outcomes

Named customers7 records

Segments5 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

AI capability11 records

Feature15 records

Partnerships

13 partnerships are on record, tiered minor, core and emerging.

• Korea Post (우체국)minorStrategic or Co-development Partner · 4 May 2026KFTC signed a partnership agreement for joint utilization of Korea Post's branch network (우체국 창구망 공동이용 제휴 업무협약). This enables expanded service access points through Korea Post's nationwide branch network.
• Overseas Koreans Agency (재외동포청)coreStrategic or Co-development Partner · 1 May 2026The Overseas Koreans Agency, Financial Services Commission, and KFTC announced a landmark agreement to launch a Digital Consular Authentication Financial Power of Attorney Service for overseas Koreans. The blockchain-based system launching July 2026 will replace the traditional process requiring embassy visits, physical seals, and international couriers.
• Financial Services Commission (금융위원회)coreStrategic or Co-development Partner · 1 May 2026FSC co-announced the Digital Consular Authentication Financial Power of Attorney Service with KFTC and the Overseas Koreans Agency. FSC provides regulatory support and policy framework for the blockchain-based financial power of attorney service targeting millions of overseas Koreans.
• Asian Development Bank (ADB)minorStrategic or Co-development Partner · 1 May 2026KFTC President Chae Byung-deuk attended the ADB annual meeting in Samarkand, Uzbekistan, highlighting plans to expand cross-border QR payment services and AI agent payment platform development. ADB provides a platform for international cooperation on payment infrastructure.
• Uzbekistan (talks underway)emergingTechnology or Integration · 1 May 2026KFTC announced plans to expand its cross-border QR payment network to Uzbekistan, with talks underway following ADB meeting. Uzbekistan represents a potential new market for Korean payment infrastructure export.
• Singapore and Thailand (under review)emergingTechnology or Integration · 1 May 2026KFTC announced expansion plans for Singapore and Thailand as next targets for cross-border QR payment network expansion, currently under review. These Southeast Asian markets would extend the regional payment ecosystem.
• NAPAS (National Payment Corporation of Vietnam)coreTechnology or Integration · 27 April 2026KFTC signed an agreement with Vietnam's NAPAS for the implementation of cross-border QR payment services. This follows the MOU framework and enables direct payment connectivity between Korean and Vietnamese users through linked QR systems.
• NPCI (National Payments Corporation of India) / NPCI InternationalcoreTechnology or Integration · 1 April 2026KFTC signed an MOU with India's NPCI to enable cross-border QR payment services between Korea and India. This partnership allows users to make QR payments abroad without separate currency exchange, with transaction costs reduced by up to 2 percentage points compared to conventional services. Service launch targeted within 2026.
• Bank IndonesiacoreTechnology or Integration · 1 April 2026Bank Indonesia and Bank of Korea officially launched a cross-border QR code-based payment system on April 1, 2026, enabling Indonesia's QRIS standard to operate in South Korea. KFTC served as the technical implementation partner, collaborating with ASPI (Indonesian Payment System Association).
• Bangko Sentral ng Pilipinas (Philippine Central Bank)minorStrategic or Co-development Partner · 1 April 2026KFTC organized a visit by Bangko Sentral ng Pilipinas and World Bank Philippines officials to Toss's Seoul headquarters to study Korea's digital financial services platform. The visit aimed to explore how digital financial platforms balance user convenience with regulatory risk controls.
• World Bank PhilippinesminorStrategic or Co-development Partner · 1 April 2026World Bank Philippines officials participated in the study visit organized by KFTC to learn about Korea's digital financial services ecosystem, focusing on the Toss platform's one-app model and AI-based fraud detection.
• India-ROK Joint Strategic Vision (NPCIL-KFTC Integration)coreStrategic or Co-development Partner · 1 April 2026As part of the India-ROK Special Strategic Partnership for 2026-2030 announced during President Lee Jae Myung's state visit to India (April 19-21, 2026), both nations agreed to NPCIL-KFTC integration for digital payments cooperation, alongside AI, semiconductor, and trade expansion initiatives.
• ASPI (Indonesian Payment System Association)coreTechnology or Integration · 1 April 2026ASPI collaborated with KFTC and the two central banks to implement the Korea-Indonesia cross-border QR payment system, connecting QRIS (Indonesia) with Korea's QR payment infrastructure.

Scale indicators10 records

Recent moves7 records

Expansion highlights6 records

Broad incumbents

• SWIFT: Global interbank messaging and cross-border payment network. Comparable as the upstream layer for cross-border fund transfer messaging that KFTC's EXK and cross-border QR networks complement or partially substitute.
• The Clearing House (US): US bank-owned payment company operating the RTP network and ACH. Comparable as an industry-owned, member-funded utility for interbank settlement and real-time payments, though US-market focused.
• Federal Reserve - Fedwire & ACH Services: Operates Fedwire Funds Service, FedNow, and the Fed's ACH system. Most directly comparable in mission (national payment-settlement infrastructure) though at much larger scale and within a depository system.

Direct peers

• National Payment Corporation of Vietnam (NAPAS): Vietnam's national payment switch operating the Napas 24/7 interbank network, card switching, and QR. KFTC signed a direct agreement with NAPAS in April 2026 to interlink Korea-Vietnam QR, mirroring the same bilateral-integration model.
• Bank of Thailand (Payment Systems Policy & Oversight): Oversees Thailand's PromptPay and national QR infrastructure and is now in KFTC's expansion pipeline. Closely comparable mandate of operating national retail payment rails with cross-border ambitions.
• Bank Indonesia: Operates Indonesia's national payment systems including BI-FAST and the QRIS standard that KFTC now interoperates with via the April 2026 launch. Acts as both central-bank overseer and infrastructure operator, similar to KFTC's hybrid regulatory/operational role.
• Zengin System / Japanese Banks' Payment Clearing Network: Japan's nationwide interbank data communications system handling domestic fund transfers, similar in age, function, and member-driven structure. Operated by Japanese Bankers Association as a shared infrastructure utility.
• National Payments Corporation of India (NPCI): India's umbrella payment-switching operator running UPI, RuPay, IMPS, AEPS, and QR networks. KFTC has a bilateral MOU with NPCI (April 2026) for cross-border QR, making it the closest functional peer in scale, mandate, and product mix.
• Monetary Authority of Singapore (MAS): Operator of PayNow, FAST, and SGQR (Singapore's national QR) and an announced KFTC target market. Comparable in combining retail-payment infrastructure with regulatory oversight and open-banking/finance frameworks.

Regional players

• Payments Council of Singapore (PCS) / Network for Electronic Transfers (NETS): Singapore's payments consortium operating shared electronic payment infrastructure (cashcard, QR, card switching). Closely comparable member-driven model but with a narrower product scope and Singapore-only footprint.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks5 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/channel/UC4gG5E0Cov0hTISkGg-TGqA
• Facebookfacebook.com/kftc_official
• LinkedInlinkedin.com/company/kftc
• Instagraminstagram.com/c4tc_official

Compliance7 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

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M&A

Investments

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Frequently asked questions about Korea Financial Telecommunications & Clearings Institute