SBI Savings Bank Launches Open Banking with 'Salary Circulation Transfer' Feature, First in Financial Sector

[Asia Economy Reporter Song Seung-seop] SBI Savings Bank announced on the 3rd that it has launched an open banking service on the mobile platform Saida Bank, incorporating the financial sector's first payroll circulation transfer function.

The payroll circulation transfer is a feature that achieves payroll transfer performance across multiple accounts at once. By setting a starting account, transfers can be made sequentially to up to five accounts.

For example, to achieve transfer performance from accounts A, B, and C, a transfer must be made once from each account, but Saida Bank automatically proceeds with transfers in the order A→B→C. This is explained to be convenient for customers who need to achieve transfer performance from multiple accounts.

At the same time, a customer event for open banking implementation is being held. Among Saida Bank users, those who subscribe to the open banking service and register one or more accounts from other financial institutions will receive one coffee coupon. The offer is available to the first 10,000 people on a first-come, first-served basis until the 16th.

Kim Dae-jung, Director of Retail Marketing, emphasized, “As savings banks also participate in the open banking market, fierce competition is expected,” and added, “We plan to expand our customer base based on the payroll circulation transfer service, which is the first in the financial sector.”

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