Toss Bank apologised on March 16 for confusion and inconvenience caused during foreign exchange transactions due to an error in its Japanese yen (JPY) exchange rate notice system between 7:29 p.m. and 7:36 p.m. on March 10.

The error occurred because an internal system that calculates the posted exchange rate based on exchange rate information received from an external institution did not operate normally during that time, it was confirmed.

Toss Bank said it is closely checking the cause of the error, strengthening verification and monitoring across all stages of foreign exchange transactions and proceeding with system improvements. It added it plans to continue reviewing and improving overall operations and management systems so customers can use the service with confidence.

For trades concluded abnormally due to the exchange rate error, it will pay 10,000 won through a Toss Bank account. If receiving the payment in an account is difficult, it will provide the same amount in vouchers. It plans to notify eligible customers individually through in-app notifications and alert messages.

Toss Bank said it plans to use the incident as an opportunity to recheck the basic principles of financial services and work to restore trust through careful system management and improvements.