PayKey is an Israel-based fintech supporting mobile banking experiences via its SC Mobile Banking app. The new solution has been embedded into Standard Chartered Bank Korea’s platform to allow customers to manage all their bank accounts through the keyboard in any mobile app, including KakaoTalk, WhatsApp, Naver, among others.
The open banking platform leveraged by Standard Chartered, allows customers to instantly access account balances and transact from multiple checking accounts of different Korean banks, all from the keyboard’s interface. In the future, the solution may extend access to investment accounts, trading apps, and non-banking financial services, for centralised financial management in a single interface.
The solution launches against the backdrop of recent regulatory changes in South Korea’s financial ecosystem, comparable to the EU’s PSD2 and the UK's Open Banking Standard, contributing to a new era of banking.
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