From Next Year, Corporations Will Also Check All Bank Accounts at One Bank

'Open Banking Corporate Account Inquiry Service'... Effective from January 2

Starting January 2nd next year, corporate users will also be able to utilize open banking services. The Financial Services Commission announced on the 30th that "to enhance the convenience of open banking users, the scope of open banking users will be expanded from individuals to corporations through the implementation of the ‘Open Banking Corporate Account Inquiry Service.’"

Until now, open banking services have been provided only to individual users. Once the Open Banking Corporate Account Inquiry Service is implemented, corporate users will be able to check all their bank account information (balance and transaction details) in real-time through a single bank channel without needing to check each account separately through individual bank channels.

Open banking was introduced in December 2019 to promote financial innovation by opening the financial payment network. It operates as a joint infrastructure for the financial sector through the Korea Financial Telecommunications and Clearings Institute. As of the end of November this year, the number of net registered open banking accounts reached 226 million, with 37 million net users and 140 participating institutions.

For corporate banking users to use open banking services, they must first apply in advance for ‘Account Registration for Inquiry’ at the bank where the account to be inquired about was opened (either at a branch or via internet banking), and then proceed with the ‘Account Registration for Inquiry’ process by accessing the internet banking service of the transaction bank.

Going forward, the Financial Services Commission will continuously monitor the overall situation of the Open Banking Corporate Account Inquiry Service and consider phased additional expansion plans to enable the service to be utilized in more diverse financial areas.

A Financial Services Commission official stated, "We expect that corporate banking services of financial companies will evolve innovatively in various ways by utilizing open banking, including asset management, financial risk analysis and management, and accounting and tax management."

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