The Ministry of Information and Communication (MOIC) decided to upgrade the NEWTONâ¢ package already installed at the Korea Post Office Bank (KPO) rather than replace the system with one of many foreign competing packages. The upgrade consisted of restructuring NEWTONâ¢ at the bank from a distributed system to a centralised system.
The KPO has, for a number of years now, been running NEWTONâ¢ in a distributed structure consisting of eight regional nodes across Korea. The busiest node was handling around 1,000,000 transactions per day with the bank handling a total of 6,000,000+ transactions during each online day.
The MOIC and the KPO had decided that a centralised structure, as currently recommended by most Central Banks worldwide, was desirable for the future as well as ensuring that the hardware configuration was sufficient to handle a normal daily online processing load of around 10,000,000+ transactions per day.
After examining a number of other systems as well as the functionality available within NEWTONâ¢, the MOIC and KPO decided on upgrading the software rather than replacing the system. This has ensured that no staff retraining is necessary and that investments the bank has made in the system over the past years have been preserved.
The project commenced in April 2003 and completed in March 2004, on schedule. The system has been improved by the addition of a new high capacity sever; integrated system operations; system separation by deposit products; an enhanced insurance settlement procedure; distributed trust account processes; and simultaneous batch processing. The KPO expects that these changes will result in an enhancement to customer service; service coverage expansion; maintenance of data integrity; improvements on operation efficiency; productivity enhancement; and prompt technical support.
Since the project was completed successfully and swiftly, Mr. Jin Dae-Jae, the Minister of Information and Communication, awarded the Achievement Certificate to Mr Rim Wha, CEO of IMS System. Mr Jin noted "the award is made to IMS System Co, Ltd for achieving great performance in postal financial system development".
For further information please contact:
Executive Vice President
Strategy and Development
IMS System Co Ltd
Mobile Phone: +61 407 259 467