Card Companies Launch Open Banking... "Bank Account Information Now Accessible"

From the 31st, Account Inquiry and Withdrawal Available on Card Company Apps

[Asia Economy Reporter Park Sun-mi] From the 31st, open banking services by card companies will begin. It will be possible to check one’s own accounts at financial companies participating in open banking and withdraw funds to accounts at other financial companies through card company apps.

On the 30th, the Financial Services Commission announced that with the launch of open banking services for the public by card companies, from the 31st, it will be possible to check and withdraw from accounts of financial companies participating in open banking through major card company apps. Additionally, users will be able to check their card information, such as monthly card billing amounts and payment account numbers, through major bank apps.

Starting with Shinhan Card, KB Kookmin Card, and Woori Card on the 31st, full-service card companies will sequentially implement the service by the end of September. Furthermore, major bank apps will allow users to view their card information, including monthly billing amounts and payment account numbers. Card companies will establish a comprehensive financial service platform enabling core financial transactions such as inquiry and transfer, in addition to payment and settlement. Banks will also be able to develop new customer services and business models, such as expenditure analysis, based on the provided card information.

From the end of July, it will be possible to check prepaid charging information of fintech companies participating in open banking, and the Account Info service, previously available only to financial companies, will be additionally opened to fintech companies.

Meanwhile, open banking, launched in December 2019 to promote financial innovation through the opening of financial payment networks, has quickly settled in the market. Since the service launch, a total of 80.24 million subscribers have registered about 150 million accounts on open banking apps and other platforms to use the service. Within approximately 1 year and 5 months since the service launch, the cumulative transaction volume has exceeded 4.81 billion, with about 16.6 million transactions conducted daily through open banking, making it closely integrated into the financial lives of the public.

A financial authority official stated, "We will steadily promote the tasks of advancing open banking, such as mutual data opening among participating sectors, and also plan to review development plans toward open finance. Through new services and industry linkage, as well as expansion of open banking services and functions, we will seek ways to develop into a comprehensive financial platform encompassing deposits, loans, financial investments, and insurance services in the future."

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