NH Nonghyup Bank Partners with Danggeun Pay to Prevent Fraudulent Transactions

Safe Transaction API Integration
Protecting High-Value Real Estate Transaction Users

NH Nonghyup Bank announced on August 11 that it has signed a business agreement with Danggeun, Korea's leading local community platform, to collaborate on Danggeun's simple payment service 'Danggeun Pay' and to create a 'safe digital ecosystem'.

Through this agreement, the two companies will work together to provide digital financial services (such as financial APIs) to protect Danggeun users, collaborate on technology to advance the business-to-business (B2B) settlement process for Danggeun Pay, and expand partnership projects and joint marketing initiatives.

As a first step, Nonghyup Bank plans to jointly provide secure financial services by linking its secure transaction application programming interface (API) to Danggeun's real estate service, which has 43 million cumulative subscribers. This will enhance safety and reliability for high-value transactions.

This service is characterized by the fact that there is no limit on the transaction amount. Nonghyup Bank safely segregates high-value transaction funds, such as real estate contract deposits, and settles the payment to the seller only after the buyer confirms the transaction is legitimate.

This year, Nonghyup Bank established the Embedded Finance Division and has been continuously strengthening customer benefit-oriented embedded finance, including launching partnership accounts with Kurly Pay and promoting linked services with Daou Technology.

A Nonghyup Bank official stated, "As new types of damage emerge with technological advancement, providing safeguards in customers' daily lives is the role of finance," adding, "Nonghyup Bank will continue to expand embedded finance in collaboration with platform companies, ERP firms, and public institutions to be a part of customers' everyday lives."