The Bank of Korea(BOK) announced plans to introduce a system that allows for the instantaneous transfer of money or securities in a bid to boost the stability of swift transfers.

The central bank disclosed the plan on Thursday, saying it will devise a comprehensive plan within the year on the introduction of a Real Time Gross Settlement(RTGS) system.

Currently, small transactions among banks in the nation are conducted through a financial instrument called Deferred Net Settlement(DNS), under which the BOK completes payments at 11 a.m. the day after a transfer is made.

RTGS, on the other hand, will complete the settlement of payments among banks the minute transactions are processed, without any other financial obligation.

The decision is taking into consideration the credit risk that accompanies the DNS system, which may inflict damages on banks that transact with an institution that collapses within one or two days due to the deferred settlement, as was the case with the U.S.’ Silicon Valley Bank.

The BOK’s announcement comes as the U.S. Federal Reserve is set to introduce its RTGS system called “FedNow” in July, while the European Central Bank has also put in place such a system.