It includes services such as CMS, Card VAN, Giro EDI, electronic bill management, Ubi, TrusBill, electronic payment for supplied goods, National Housing Bonds information relaying, and overseas payment SI service.
CMS(Cash Management Service) facilitates comprehensive management of all-bank related funds settlement for companies doing business with a number of banks.
KFTC's intermediary system bridges banks with companies to allow debit/credit transfers, school CMS, and real-time account ID inquiries & registration. Debit transfer is a collection service for sales funds, insurance premiums, credit card charges, school tuitions, and membership and sponsorship fees that are transferred from multiple payer accounts to a collection account. Credit transfer is an allotment service for purchase funds, dividends, pension, salary, and refunds that are transferred from payer accounts to multiple payee accounts.
Starting from March 2006, KFTC has provided a low-cost CMS solution that allows institutions to make and manage customer lists and payment records without having to establish extra systems or purchase additional programs.
※ Giro EDI
Giro EDI (Electronic Data Interchange) is a service that receives and transmits various Giro-related materials by connecting the computers of participating institutions with KFTC's Giro EDI system. Direct transfer requests, billing information as well as direct debit requests can be transmitted using this service.
The Card VAN service connects member stores with financial institutions through communication networks for intermediate approval & cancellation of card transactions and funds settlement.
KFTC supported the Defense Ministry's establishment of the IC card payment system, 'Nara Sarang.' Payment with credit or debit card is available at post exchanges and other facilities on military bases. Cash withdrawals and payment with K-CASH are also possible.
BANKPOS is a card reference terminal manufactured and sold by KFTC. As the only domestic organization possible to provide check reference service of all banks (including post offices) in Korea throughout the year, KFTC provides services of transaction approval/
cancellation and balance reference by confirming the card information of the customers through banks or credit card companies when the customers pay for goods or services using credit cards or debit cards instead of cash.
Electronic bills were created in response to the growth of e-commerce and the increase in the number of financial transactions on the Internet. Electronic bill management allows businesses to make payments on the Internet using electronic bills. Currently, only promissory bills are electronic.
As the institution in charge of managing electronic bills under the Law Pertaining to Issuance and Negotiation of Electronic Bills, KFTC operates the electronic bill management system to ensure stable and efficient registration, safekeeping and payment of bills.
TrusBill (Digital Tax Invoice ASP) is an electronic ASP service that supports issuance, transmission, receipt, and strong of tax invoices through the Internet using an accredited certificate.
Companies can process their tax invoice-related tasks at a relatively low cost by using TrusBill, without the need for purchasing, developing or maintaining a separate solution.
Under the Value-Added Tax Law, an electronic tax invoice has the same legal standing as a paper tax invoice. It is currently being used by financial institutions, corporations, online shops, universities and hospitals.
The electronic payment service for supplied goods can be used when retailers pay wholesalers using exclusive debit card for purchase. The payment is completed through account transfers. This B2B payment service is often used to pay for alcohol or grain.
Digital signature service for mobile phones (MobiSign) is a service that stores accredited certificates onto mobile phones from PCs and using these accredited certificates, users can directly use digital signatures from mobile phones.
Since users can directly use these digital signatures stored in their mobile phones, users can use their accredited certificates conveniently and safely on the Internet that requires accredited certificates such as Internet banking.
In addition, using this service Internet Service Providers can provide customers with a more varied method of storing accredited certificates by expanding the storage media to include mobile phones, and not only limiting it to PCs and USBs. The service also reinforces stability.
