Naver Smart Store Introduces Fastest Settlement System Globally

[Asia Economy Reporter Kiho Sung] Naver Smart Store announced on the 14th that it will advance the settlement standard to the 'day after collection completion.' This is the fastest settlement in the world. It is expected that the cumulative settlement amount paid to Smart Store sellers through fast settlement will reach 5 trillion KRW within this month. The company explained that the business stability and satisfaction of Smart Store sellers, for whom 'cash flow' is important, will increase.

Naver Financial stated that the fast settlement standard point will be advanced from 'the day after delivery completion' to 'the day after collection completion' starting this December. Currently, fast settlement is made about 4.4 days after the order, but this has been shortened to 3.3 days. The general settlement, which settles the day after purchase confirmation, also averages about 9.4 days, the fastest level in the industry.

The fast settlement service is considered one of the most satisfying services among various seller-friendly policies provided by Naver to Smart Store sellers. Since Naver Financial launched this service in November last year, the cumulative fast settlement payment reached 1 trillion KRW in March, 3 trillion KRW in June, and is rapidly expanding to about 5 trillion KRW this month.

Naver Financial stated that, based on big data, its risk detection system (FDS), which detects fraudulent or abnormal transactions, is continuously being advanced, enabling a system that can settle after collection completion without collateral such as accounts receivable and regardless of whether the seller has overdue payments.

Since the start of fast settlement, the settlement timing was shortened from two days after delivery completion to the next day in January this year, and in April, the application scale was expanded from 90% to 100% of the settlement amount, continuously improving the service through FDS advancement.

Han Seong-sook, CEO of Naver, said, “Naver is sparing no technical or policy support for SMEs to challenge and grow on Smart Store, led by ‘Project Flower,’” and added, “Naver Financial, a subsidiary of Naver, will focus on pioneering the data finance market for SMEs based on data, technology, and cooperation with financial companies.”

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