Korea Financial Telecommunications & Clearings Institute
# Korea Financial Telecommunications & Clearings Institute

Korea Financial Telecommunications and Clearings Institute (Korean: 금융결제원, KFTC) is a non-profit organization which manages several inter-bank payment systems in South Korea.

## Business

* Check clearing
   * Cashier's check truncation
   * Local L/C clearing
   * Corporate purchasing fund bill truncation
   * Electronic bonds
   * Management of dishonored bills
* Giro
   * Paper based giro (bill)
   * Electronic giro (Direct Debit / Direct Credit), similar to an automatic clearing house
   * Internet giro (electronic bill payment)
* Inter-bank network
   * CD/ATM network
   * IFT Network (Inter-bank Fund Transfer Network)
   * HOFINET (Inter-bank Home/Firm Banking Network)
   * K-Cash Network (Electronic Money Network)
   * CLS Network (and SWIFT Representative Office in Korea)
* Bank Joint Electronic Services
   * Accredited certification for internet/mobile banking (PKI-based)
   * KF-ISAC (Information Sharing and Analysis Center)
   * Retirement pension record-keeping
