Korean CLS utility opts for PAYplus

The Korea Financial Telecommunications and Clearing Institute (KFTC), currently used for payments clearing and funds transfers, will use PAYplus to process transactions for its member banks on CLS from November, when the Korean won goes live on the settlement service.

Providing access to CLS through a utility enables banks to share the costs of CLS connectivity and operations. Korea Exchange Bank (KEB) and Kookmin Bank have signed as CLS settlement members and will provide third party CLS se