IBK Industrial Bank of Korea Overhauls Instant Card Payment Deposit Service for Small Business Owners

IBK Industrial Bank of Korea is overhauling its "Card Sales Instant Deposit Service" to support liquidity for small business owners. This service deposits card payment proceeds immediately without any additional fees and will be officially launched on March 3 next month.

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IBK Industrial Bank of Korea announced on the 11th that it has enhanced the user convenience of its "Card Sales Instant Deposit Service," which deposits card payment proceeds to card merchants immediately, instead of the previous 2 to 5 days it took from card payment to deposit. With this revamp, sole proprietors can now apply instantly at branches or through non-face-to-face channels using only an ID card and a mobile phone under their own name, and the previously required certificate of seal impression has been abolished. IBK Industrial Bank of Korea simplified the application process in cooperation with the Financial Services Commission and card companies.

The deposit methods have also been expanded. While maintaining the existing real-time deposit method, under which funds are deposited on average within 10 seconds after a card payment, the bank has newly introduced a "Batch Deposit" service that deposits all card sales of the day at 10:30 p.m. each night in a single transfer. This allows small business owners to choose a deposit method that matches their business patterns and cash management practices. An IBK Industrial Bank of Korea official said, "The streamlining of documentation is part of a financial sector-wide effort to save time and costs for small business owners," adding, "We will continue to do our best so that small business owners can receive the funds they need more quickly and easily, thereby revitalizing the livelihood economy."

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