"Payment via Giro Also Online"…KFTC Promotes 'Open Giro Service'

An example of a lifestyle-oriented 'untact payment' using the OpenGeo service

[Asia Economy Reporter Kiho Sung] The Korea Financial Telecommunications and Clearings Institute announced on the 4th that it has signed partnership agreements for the ‘Open Giro Service’ with fintech and enterprise resource planning (ERP) companies such as NHN Payco (Payco), Showbiz Farm (Hanna Network), TNB Soft, and Altoran ERP, and plans to implement the service gradually starting at the end of this month.

The Open Giro Service departs from the traditional giro slip (form) based service and aims for paperless billing and contactless payment. Through this, it is expected to significantly contribute to reducing the collection workload and costs for giro-using institutions, as well as enhancing customers’ accessibility and convenience in paying giro fees. Additionally, it is anticipated to be utilized as a service for contactless payment of offerings and donations required in the COVID-19 era.

Once the Open Giro Service is implemented, giro-using institutions, which are the billing agencies, will be able to notify customers of fees not only through paper giro slips but also via social networking service (SNS) alerts or simple payment apps. Giro-using institutions can send and receive giro billing and collection details through their existing management programs (ERP programs) without directly accessing the Financial Telecommunications and Clearings Institute’s e-Giro website, enabling prompt responses to new and overdue fees.

Meanwhile, customers will be able to check the billed fee details through simple payment applications or SNS alerts and pay the fees immediately via Internet Giro without signing up, improving payment convenience centered on the users.

The Korea Financial Telecommunications and Clearings Institute stated, "Along with the service launch at the end of this month, it plans to utilize the service for contactless payment of church offerings and donations to welfare organizations," and added, "We will continue to strive to make the Open Giro Service convenient for both small and medium-sized giro-using institutions and customers from the users’ perspective."

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