지급결제제도의 법적 문제와 규제 방안-최근 일본의 관련 법제와의 비교를 중심으로-

Abstract

The payment and settlement (PS) system is to end claim-obligation relationships, formed in economic activities, payment means such as banknotes. In addition to the financial market and financial institutions, the PS system is a crucial factor for financial system. In particular, the system is a core infrastructure to ease and safen financial transactions. In recent times, the patterns of financial transactions have been complex and intricate and the amount of payment and settlement has increased with economic expansion, financial innovation, advanced information technology and financial globalization. Meanwhile, the credit risk and liquidity risk, which occur in a process of payment and settlement, are closely associated with institutions concerned, and moreover, the deterioration of the system risk may spread not only to the relevant PS system but to the whole financial system. Accordingly, there is the need to impose effective controls, as well as to supervise private-sector payment and settlement on an increasing trend. Key Words : Financial Safety Net, Multi-Payment Network, System Risk, Real Time Gross Settlement, Liquidity Risk, Settlement Risk, Payment and Settlement SystemSince the Korean government enacted laws relevant to the capital market in 2007, payment and settlement have been carried on not only by banks but by baking investment firms, and recently the environments of payment and settlement have rapidly changed with the popularization of smart phones. Nevertheless, in regard to payment and settlement, systematic and fundamental laws have not been enacted, and thus possible risks have not been managed properly. Korea and Japan have similar PS systems. On the other hand, the Japanese government enacted laws relevant to money settlement in 2009 in order to effectively regulate the settlement systems that have been complex and intricate with the advancement of information technology, and besides, it puts forth a multilateral effort in this regard. The laws, relevant to money settlement, are to protect e-money users and issued balances more extensively; specifically, the laws allow bank guarantee and trust along with deposit and permit every registrant to transfer money to do account transfers that have been taken on by banks. In this study, a review was made of Japan’s PS system and relevant laws and of implications for Korea’s.