Gyeongnam Province Establishes Virtual Account Payment System to Improve Accounting Operations

Annual 15,000 Cases of Contract Performance Deposits and More Can Be Collected Without Visiting Financial Institutions

On the 26th, Gyeongnam Province signed a business agreement with NH Nonghyup Bank Gyeongnam Headquarters to establish a 'Virtual Account Payment System for Non-Tax Revenue and Expenditure Cash'. (Photo by Gyeongnam Province)

[Asia Economy Yeongnam Reporting Headquarters Reporter Hwang Choi Hyun-joo] Gyeongnam Province announced on the 26th that it will establish a ‘Virtual Account Payment System for Non-Tax Cash Receipts and Disbursements’ that computerizes the entire accounting-related cash receipt process such as cash deposits and custody funds.

The ‘Virtual Account Payment System for Non-Tax Cash Receipts and Disbursements’ is a system that enables real-time online processing of the entire payment process for approximately 15,000 cases annually, amounting to 1.73 trillion KRW, including ‘bids, contracts, defect deposits, custody funds, and returns of unspent national funds,’ by linking the virtual account payment system with the local accounting system.

To build this system, the province signed a business agreement with NH Nonghyup Bank, the province’s treasury bank, with the agreement ceremony attended by Ha Byung-pil, Deputy Governor of the province, and Kim Han-sul, Head of NH Nonghyup Bank Gyeongnam Headquarters.

Once the virtual account payment system is established, civil petitioners can pay deposits issued at the time of contract through virtual accounts anytime and anywhere without the inconvenience of visiting financial institutions in person, using various payment media such as ‘smartphones, internet banking, and ATMs’ without time or location restrictions.

Moreover, unlike the previous payment processing period which took more than 2 to 4 days, payments can now be made and confirmed in real time, enhancing both convenience and efficiency.

Deputy Governor Ha said, “With the establishment of the ‘Virtual Account Payment System,’ the inconvenience of civil petitioners having to visit the relevant department in person to receive and pay bills can be improved,” adding, “Automating the payment process is expected to secure transparency in fund management and improve work efficiency.”

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