'Company Name' Displayed When Transferring Money from Savings Banks

Display individual savings bank names within the SB TokTok Plus screen

[Asia Economy Reporter Song Seung-seop] From now on, individual company names will be displayed when transferring money through savings banks. The existing transfer process, which made it difficult to verify the exact transfer, is expected to become more transparent.

According to the industry on the 30th, the Korea Federation of Savings Banks has decided to promote a project to display the names of individual savings banks during electronic financial transfers with other financial sectors, in consultation with related organizations such as the Financial Supervisory Service.

Until now, when transferring through savings banks via the internet or mobile, only "Savings Bank" was displayed instead of the company name. This was because the industry used a common financial institution code (050). As a result, there were significant customer concerns and risks of mistaken transfers regarding the accuracy of the transfer.

The Federation plans to use point codes containing individual savings bank name information instead of the existing common code. From the stage before the transfer, where the account number is entered and the depositor is verified, to the result notification stage, the individual name will be displayed. The integrated non-face-to-face channel of the Federation completed the application on the 21st, and for those using their own computer networks or applications (apps), system development will be completed by the end of September.

A representative of the Korea Federation of Savings Banks said, "Once the project is completed, it is expected to eliminate consumer inconveniences such as mistaken transfers and help promote the names of savings banks, among other various effects."