Industrial Bank of Korea (IBK) launched the Credit Card Sales Direct Deposit Service on Nov. 27.
The service instantly deposits credit card payments to merchants at no additional cost, instead of taking the two-to-five days it used to take to deposit credit card payments.
It is expected to help small businesses bridge their funding gaps by allowing them to receive payments immediately after credit card sales.
It is also expected to greatly contribute to improving the work efficiency of small business owners and small companies that lack human resources and time as it can get rid of the hassle of comparing deposits and sales by credit card companies.
The Credit Card Sales Direct Deposit Service’ is available to businesses with sales of 3 billion won or less in the previous year and sales of 500,000 won or less per payment made through IBK BOX POS or KIS Information & Communication’s POS machines.
To sign up for the service, a merchant needs to sign up for IBK BOX POS, conduct a non-face-to-face pre-service inspection and sign a receivables transfer agreement.
With an eye towards boosting customer convenience, IBK has established a non-face-to-face application process to greatly enhance the service’s accessibility.
Businesses with sales of 300 million won or less in the previous year can apply for the service non-face-to-face, and businesses with sales of KRW 300 million to KRW 3 billion can apply non-face-to-face and visit the nearest IBK branch to sign a receivables transfer contract.
Merchants can apply for the service and check their eligibility on the IBK BOX POS website (pos.ibkbox.net).
“This service is designed to practice IBK’s value banking which places a priority on enhancing customer value enhancement and boost the business stability of small businesses,” an IBK official said.
“We will continue to advance the service by expanding partner VAN companies among others in order to serve more customers.”
On November 27, IBK launches the Credit Card Sales Direct Deposit’, a service that instantly deposits customers’ payments to merchants without any fees.
Approval for Establishment of Polish Subsidiary
IBK announced on Nov. 28 that it obtained approval for the establishment of a corporation in Poland from Polish government authorities.
This means that IBK will be able to establish a legal entity in Poland as a Korean bank.
IBK opened an office in Poland in May 2023 to establish a bridgehead to the EU as its first overseas project since Kim Sung-tae took over as IBK president.
Poland is a key production base and the heart of Europe. The nation is an active region for Korean companies.
Based on its know-how specialized in financing SMEs in Korea, IBK quickly applied for the establishment of a corporation in March this year to ease the financial difficulties of Korean SMEs in Poland and support them in other aspects.
Following the approval, the bank plans to quickly obtain a business license and open the subsidiary in Poland early next year.
The new Polish subsidiary will serve as a strategic base for opening additional branches in the Czech Republic, Hungary, Slovakia, and other major European countries for the purpose of supporting Korean SMEs in Europe.
Releasing 2nd Album of Musicians with Disabilities
IBK released the second album called “IBK Together,” a project to help musicians with disabilities, in partnership with the Korea Mecenat Association.
According to IBK on Nov. 25, the project will release a total of five songs, including four solo pieces and one ensemble.
The album is available on music streaming sites at home and abroad.
In total, the bank provided more than 40 free one-on-one mentoring sessions to support the musical growth of four musicians with disabilities — Kim Bo-Kyung (Gayageum, or a Korean zither with twelve strings), Eom Hee-Jun (clarinet), Lee Jung-hyun (cello), and Hwang Hee-sup (flute).
Their mentors were world-class artists.
All songs were composed and arranged by Cho Yoon-sung.
In particular, the ensemble piece “Going Together” is a crossover piece that samples Tchaikovsky’s Piano Concerto No. 1 and adds a jazz element.
It features violinist Danny Koo. The song was also made into a music video.
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