Export-Import Bank Establishes Online Export Performance Transfer System... Operational from the 28th

Export performance transfer possible in real-time through Credit Information Service online without document submission
Expansion to all foreign exchange banks including regional banks within this year... Part of digitalization efforts

[Asia Economy Reporter Song Hwajeong] The Export-Import Bank of Korea and the Korea Credit Information Services announced on the 23rd that they plan to fully launch the export performance online transfer system on the 28th.

Once this system is operational, the transfer of export performance data between banks can be processed in real time through the Credit Information Services' online platform, enabling companies to receive financial support quickly and conveniently without submitting physical documents.

Until now, when companies sought trade finance based on past export performance, they had to request the transfer of export performance data from their transaction bank, obtain transfer documents, and submit them to the trade finance handling bank, causing inconvenience. The activation of the export performance online transfer system is expected to resolve issues such as delays in processing export performance transfers and decreased operational efficiency.

The waiting time for financial support due to transfer processing procedures will be drastically reduced, and banks will be able to omit the verification process of the authenticity of export performance transfers, preventing issues such as duplicate use or omission of export performance data, thereby significantly improving operational efficiency.

The system has been in pilot operation since the 14th with eight foreign exchange banks (Export-Import Bank, Kookmin Bank, IBK, NongHyup Bank, Industrial Bank, Shinhan Bank, Woori Bank, Hana Bank), and will enter full operation on the 28th. The service is planned to be expanded to all foreign exchange banks, including regional banks, within this year.

To activate this system, the Bank of Korea and others have also completed the related regulatory amendment procedures.

An official from the Export-Import Bank stated, "Through the operation of this system, small and medium-sized enterprises with limited personnel will no longer need to visit trade finance handling banks to submit export performance transfer documents," adding, "As export performance transfers become possible in real time, the time required for companies to receive financial support will be significantly shortened, greatly aiding the improvement of companies' access to policy finance and operational convenience."

An official from the Korea Credit Information Services said, "Through this service, export companies will be able to closely experience the digital transformation in the financial sector," and added, "We plan to actively respond to the demands of financial companies and consumers in the future to enhance the convenience of financial services and promote digital transformation."

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