Payments Cut-off in Korea (KST)
|Channel||Payment Type||Mon-Fri (not support during holidays)||Remarks|
|Domestic LCY Payment (Real-Time Payment)||01:00~23:00 (07:00~23:00*)||Payment instruction can be created during 01:00 ~ 23:00 but it is subject to beneficiary bank's cut-off time.
* Actual account posting time (debit/credit time) : 07:00~23:00
|Domestic LCY In-house Payment (STP)||01:00 ~ 23:00||LCY in-house process is STP given that there is no particular restriction on transactions accounts.(i.e. residence status, hold, etc)|
|Domestic LCY In-house Payment (non-STP)||10:00 ~ 16:00||In case non-STP processing|
|Domestic LCY RTGS (BOK-wire)||10:00 ~ 15:30||BOK-wire is non-STP process.|
|FCY payments||Cross-Border 1)||Domestic 2)|
|via SWIFT 3)||via KFTC 4)|
|USD||15:30||15:00||16:00||1) Subject to supporting document review completion.
For cross-border inward payment, cut-off time is 16:00 subject to supporting document review completion and fund cover to our nostro a/c with correspondent bank.
2) For domestic payment, same cut-off applies for outward and inward payments
3) SWIFT method is non-STP.
4) KFTC method (real-time) is STP. Routing to KFTC depends on payment instruction format, beneficiary bank's cut-off time and system capability, etc.
|NZD||15:00 V - 1||15:30 V-1|
|FCY In-house Payment||10:00 ~ 16:00||FCY in-house process is non-STP.|
|ACH Credit Transfer||File Level / Pre-authorization Level
- Batch Payment
- Batch run at every hour on the half hour
(06:30, 07:30, … , 21:30)
|01:00~21:30||ACH FLA/Pre-auth payments are executed at batch run as scheduled.
Any human support such as enquiry or advice on payment failure are available only during business hours (9:30 – 17:30). Any issues beyond business hours will be followed up on the earliest following business day.
|Instruction Level & On-Screen Input
- Batch Payment
- Twice a day : 08:30 & 15:20
|Giro-Tax||Giro-Tax instruction + Email + Bills||18:00 (V-1)|
*STP - Straight Through Process without any manual intervention (fully automated)
**Non STP - Not to process in STP manner due to account restriction, internal control procedure, regulation or some error.
***BoK Wire - Domestic large value payment through Bank of Korea. It is on request basis.