The Act Governing Electronic Payment Institutions Article 8

Except for conditions prescribed in the proviso in Subparagraph 4 of Article 6, an institution that operates inter-institution payment clearing services must be a licensed financial information service provider that operates inter-institution funds transfer clearing services as specified in Paragraph 1, Article 47-3 of the Banking Act.The financial information service provider prescribed in the preceding paragraph must maintain the sound operation of its information system. It shall eliminate any obstacle and maintain its system and related equipment as soon as possible. Where necessary, it shall adopt appropriate backup measures to minimize the impact of the system obstacle.Where the financial information service provider prescribed in Paragraph 1 must suspend the transmission, exchange, or processing operations due to an information system obstacle, it shall, except where there is a legitimate reason, notify the connected institutions, the competent authority, and the Central Bank in advance.