Busan Bank's 'Digital Real-Name Verification Service' Designated as Innovative Financial Service by Financial Services Commission

[Asia Economy Reporter Kim Hyo-jin] BNK Busan Bank announced on the 15th that its 'QR Code-Based Digital Real-Name Verification Service,' which allows identity verification without an ID card, has been designated as an innovative financial service under the Financial Regulatory Sandbox by the Financial Services Commission.

With this designation as an innovative financial service, Busan Bank will receive regulatory exemptions allowing real-name verification without customers presenting the original identification document required by the Real Name Financial Transactions Act. Verification can be done through authentication via the Busan Bank app login, authenticity checks (validity, etc.) using previously submitted scanned ID images, and real-name verification by comparing the scanned ID image with the physical ID.

Once the digital real-name verification service is implemented, existing Busan Bank customers can verify their identity without an ID card when visiting bank branches by scanning a QR code available at the branch and authenticating themselves through Busan Bank mobile banking login. After authentication is completed, bank staff can verify the real name using the previously submitted scanned ID images.