The Korea Financial Telecommunications and Clearings Institute (KFIC) said Wednesday it will hold a ceremony Tuesday to mark the operation of a Korean-designed inter-bank payment system that was recently installed at the State Bank of Vietnam.

The project to introduce the system was funded by the International Bank for Reconstruction and Development to streamline Vietnam's banking.

The KFIC, which took charge of the system's core software, called the project a success.

The establishment of the network took one year and six months. The system is to achieve real-time payment transactions between Vietnam's central bank and local banks and among banks.