"Check Bank Accounts in Card Company Apps"... Card Companies to Start Open Banking on the 31st

Service Launch Order Varies by Card Company
Sequential Launch of Account Inquiry, Transfers, and Other Card Billing Amount Checks

[Asia Economy Reporter Ki Ha-young] From the end of this month, it will be possible to check and transfer accounts from other banks and securities companies through credit card company applications (apps).

According to the industry on the 28th, credit card companies will start open banking services from the 31st. Open banking is a service that allows customers to check and transfer all financial accounts through a single app without the need to install multiple apps.

Accordingly, it will be possible to check, withdraw, and transfer accounts of other financial companies participating in open banking such as banks, securities companies, and mutual finance through the currently used credit card company apps, and also check billing amounts from other credit card companies. For example, it will be possible to check and transfer KB Kookmin Bank accounts through the Shinhan Card app and even check Hyundai Card billing amounts.

However, the order of service launch is expected to vary by credit card company. Shinhan, KB Kookmin, and Woori Card will enable account inquiry and transfer services for other cards and accounts from the 31st through their respective apps: Shinhan PayFAN, KB Pay, and Woori WON Card. Transfer fees will also be free for the time being. The remaining credit card companies such as Samsung, Hyundai, Lotte, Hana, and BC Card will allow inquiries on other platforms that have already implemented open banking from the 31st, but actual services will be sequentially launched starting in June.

Credit card companies plan to accelerate the development of future growth engines such as MyData and MyPayment services through participation in open banking. In particular, they plan to intensify business diversification such as comprehensive asset management services with the goal of obtaining a comprehensive payment business license.

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