PayKey is an Israel-based fintech supporting cellular banking experiences by way of its SC Cell Banking app. The brand new answer has been embedded into Normal Chartered Bank Korea’s platform to permit clients to handle all their bank accounts by the keyboard in any cellular app, together with KakaoTalk, WhatsApp, Naver, amongst others.
The open banking platform leveraged by Normal Chartered, permits clients to immediately entry account balances and transact from a number of checking accounts of various Korean banks, all from the keyboard’s interface. Sooner or later, the answer may prolong entry to funding accounts, buying and selling apps, and non-banking monetary companies, for centralised monetary administration in a single interface.
The answer launches in opposition to the backdrop of latest regulatory modifications in South Korea’s monetary ecosystem, akin to the EU’s PSD2 and the UK’s Open Banking Normal, contributing to a brand new period of banking.