Standard Chartered Bank Korea partners with PayKey to launch the world’s first keyboard solution featuring open banking, seamlessly integrating financial services into customers’ daily mobile interactions.
Leading the next wave of banking in South Korea, Standard Chartered Bank Korea expands its partnership with PayKey, an Israeli Fintech powering frictionless mobile banking experiences, to launch a new keyboard based solution that brings embedded banking to the customers of its award-winning SC Mobile Banking app.
The new solution allows customers to manage all of their bank accounts through the keyboard in any mobile app, including KakaoTalk, WhatsApp, Naver, among others – becoming the first such solution in the world. 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. This new era not only removes barriers for customers but also positions financial services closer to customers for more personalised experiences. In this new phase of the long-standing partnership, PayKey’s banking keyboard enables Standard Chartered to seamlessly deliver financial services and open banking to customers, right in their social messaging environments.
“Over the past year, the Standard Chartered Bank Korea digital team has worked tirelessly in creating an all new mobile banking experience with new technology. The new keyboard banking solution is an example of how an institution can create a superior bank-branded mobile experience within some of the most popular and often-used smartphone apps”, said Joseph Hyung Ki Cho, Head of Digital and Personal Banking at Standard Chartered Bank Korea.
“The launch of Standard Chartered’s new keyboard solution marks a significant leap forward in delivering an embedded banking experience that puts the customer’s preferences at the core. Nowadays banks must weave their services into customers’ digital lives, and provide the financial services customers need when and where it’s most convenient for them.”, said Sheila Kagan, PayKey’s CEO. “We are thrilled to see that Standard Chartered is pioneering a new banking experience, and are honoured to bridge the gap between Standard Chartered’s impressive portfolio of banking services and their customers’ digital lives.”