Bank↔Secondary Financial Sector Account Transfer Service to be Implemented This Week

[Asia Economy Reporter Kim Hyo-jin] The Financial Services Commission announced on the 24th that starting from the 26th, it will be possible to change automatic transfer accounts between banks and secondary financial institutions through the Financial Settlement Service's account transfer service (Payinfo).

All banks and secondary financial institutions currently providing automatic transfer account transfer services are eligible.

In the banking sector, this includes Kookmin, Shinhan, Woori, Hana, Korea Citibank, SC First Bank, Gwangju, Kyongnam, Daegu, Busan, Jeonbuk, Jeju, Industrial Bank, Korea Development Bank, Nonghyup Bank, Suhyup Bank, as well as K Bank and Kakao Bank.

In the secondary financial sector, this includes savings banks, credit unions, Nonghyup, Suhyup, forestry cooperatives, Saemaeul Geumgo, and the post office.

Users can utilize the internet/mobile banking or branches of the financial institution they wish to use, or the account transfer service website (www.payinfo.or.kr). To change an account from Financial Institution A to Financial Institution B, the application can be made at Financial Institution B.

The Financial Services Commission introduced the account transfer service in October 2015, which allows users to view the status of automatic transfer accounts at once and easily change to another account. Until now, it was limited to transfers between bank accounts or between secondary financial institution accounts.

Since the service launch, approximately 61.68 million inquiries and 23.38 million automatic transfer account changes have been made by the end of last year, but inconveniences remained when changing bank accounts to secondary financial institution accounts or vice versa.

The Financial Services Commission expects this service to enhance consumer convenience and promote healthy competition among financial sectors.

The Financial Services Commission is currently working on expanding the card automatic payment inquiry service from existing specialized card companies to include all card companies, including card business banks, within this year.

Additionally, it plans to add urban gas companies, insurance companies, and others to the merchants eligible for automatic payment inquiries.

Furthermore, it plans to introduce a card transfer service that allows cancellation or change of card automatic payments to another card, establishing a 'one-stop' automatic transfer management system encompassing both accounts and cards.

This content was produced with the assistance of AI translation services.