Starting next year, corporate customers will also be able to check account balances and transaction history through open banking services.
The Financial Services Commission noted on the 30th that it will launch the "open banking corporate account inquiry service" starting January 2.
Open banking is a service that allows users to check and withdraw or transfer funds from their accounts across different financial institutions such as banks, securities, and fintech, all through a single app. Until now, only individual customers were able to use the open banking service.
The available services include checking the balance and transaction history of accounts in the name of corporations and private organizations. Corporate customers wishing to use the service need to pre-register for "account inquiry registration" at their bank and then proceed with the subsequent registration. Service applications can be made at KB Kookmin Bank, Shinhan Bank, Hana Bank, Woori Bank, Corporations, KDB Industrial Bank, Busan Bank, Gyeongnam Bank, Gwangju Bank, Jeonbuk Bank, Jeju Bank, iM Bank, K Bank, and Kakao Bank. NH Nonghyup Bank plans to implement the service in the first half of next year, while Shinhyup Bank is scheduled for the first half of 2026.
The Financial Services Commission emphasized that "the open banking corporate account inquiry service will enhance the convenience of fund management for corporations, including small and medium-sized enterprises," adding, "In particular, it is expected to reliably support the management of corporate funds."