South Korea's Finance Ministry announced in a statement on Tuesday that Tehran and Seoul have decided to maintain the current won-based settlement system while seeking an alternative payment method that can further boost mutual trade between the two nations, Yonhap news agency reported.
The report added that the agreement came after South Korean officials from finance and foreign ministries held talks with representatives of Central Bank of Iran (CBI) in Tehran.
The two sides also exchanged views on ways to use the euro, Chinese yuan and Japanese yen to create another conduit for payment and clearance, the statement added.
The agreement came after implementation of a nuclear deal between Tehran and world powers was officially started on January 16.
Based on the agreement, which had been finalized back in July 2015, all nuclear-related anti-Iran sanctions were removed.