First in Banking: Integrating Non-Financial Data Such as Purchase Orders with Corporate Banking
Woori Bank announced on June 16 that it has launched the 'WONBiz e-MP Service,' the first in the financial sector to integrate business-to-business transaction information (such as orders, contracts, and settlements) with financial services.
The 'WONBiz e-MP Service' is an innovative solution that links various non-financial data generated in B2B transactions with Woori Bank's system, providing a one-stop corporate banking experience. This includes everything from executing production fund loans based on purchase orders to the deposit and management of unsettled sales proceeds.
This service includes differentiated financial products such as the 'Woori CUBE Data Loan,' which quickly provides production funds to suppliers based on the purchase orders of buyer companies, and the 'Woori SAFE Deposit Account,' which allows unsettled sales proceeds to be deposited separately with a financial institution. Through these features, the service is expected to enhance the stability of funding for small and medium-sized enterprises (SMEs), improve transparency in the management of sales proceeds, and strengthen the foundation for mutual growth and cooperation.
The 'WONBiz e-MP Service' offers several advantages over other e-MP platforms. It supports a one-stop process from document registration to loan execution on a single corporate banking platform; automates document registration and approval procedures, eliminating the need for manual entry; charges no customer fees whatsoever; and is accessible not only via corporate internet banking but also through the WONBiz mobile app. These features significantly improve operational efficiency and financial accessibility for corporate clients.
A Woori Bank representative stated, "By expanding non-financial data into financial services, the 'WONBiz e-MP Service' will improve financial accessibility for SMEs and mid-sized companies and help expand the digital supply chain finance ecosystem. Moving forward, Woori Bank will continue to support financial services tailored to companies of all sizes, in addition to our currently operating and industry-first supply chain finance platform, 'WONBiz Plaza.'"
Meanwhile, Woori Bank has selected Korea Aerospace Industries (KAI) as the first company to join the 'WONBiz e-MP Service' and has signed a mutual growth support agreement. The bank plans to initially offer the 'Woori CUBE Data Loan' product to KAI's partner companies and, in cooperation with Korea Technology Finance Corporation, will continue to expand the products and functions of the 'WONBiz e-MP Service' by developing additional specialized offerings.
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