This signals the completion of the domestic settlement system and is expected to be the basis for advanced development of Korea's e-trade.

In particular, once EDI takes root, it can be applied to e-trades with foreign countries as well, thus helping Korea become the leader for global e-trade standards.

The Bank of Korea announced on July 24 that EDI can be used as a means to handle domestic credit, in addition to the existing paper method. This model was first proposed by the Electronic Trade Promotion Committee as a task for promoting e-trades.

The bank of Korea had allowed issuance of domestic credit through EDI, but settlement was not allowed. Therefore, it is significant as the first case of e-trade automation in the field of settlements.

To be more specific, it is expected to reduce costs for human resources, reduce the number of days needed for the exchange of necessary documents, decrease the interest from 6-day interest to 3-day interest, and reduce the workload at banks.

Kim, Jae-hyun of the Bank of Korea's financial planning team said, "With the recent measure, domestic credit can be handled by EDI. This is expected to contribute to the promotion of e-trade, which is being pursued as a national task."