Woori Bank wins Best Cash Management and Payments Bank in South Korea Award for expanding wallet share through affordable services 2020
- The bank reported a strong rebound in business flows in 2019
- The bank launched competitive remittance services
- The bank’s competitive advantage stems from established payment infrastructure network
22 October 2020, Singapore – Woori Bank (South Korea) received the award for Best Cash Management and Payments Bank in South Korea at the Transaction Finance and Bankers’ Choice Awards Virtual Ceremony 2020 presented by The Asian Banker.
The bank reported a strong rebound in business flows in 2019
Woori Bank’s revenue from its cash management business grew by 17.1% in 2019. The bank responded to the rapidly changing market developments while establishing a customised support system for customers through electronic finance offerings. The bank focused on fee income through a wide range of affiliate business opportunities and captured more flows in the local cash management space. The bank holds more than 10% estimated domestic market share for cash management services and banks. It controls 13 out of 39 large corporate enterprises in full, relative to its peers.
On the payments side, revenue increased 13% while incoming volume processed grew close to 40%. Transaction throughput increased on account of quick access to clearing systems that aid in managing deposit accounts in over 40 currencies with the world's leading correspondent banks.
The bank launched competitive remittance services
Woori Bank launched the 'Woori Global Quick Remittance Service' through the global banking app for foreign customers which enables customers to send payments more easily. The uptake was significant with more than 20,000 customers transacting on mobile banking as the bank included remittance services into its mobile banking app.
On the financial institution (FI) side, the bank upgraded its remittance service competitiveness by establishing a platform based on blockchain technology and through the introduction of Society for Worldwide Interbank Financial Telecommunications (SWIFT) global payment initiative (GPI) remittance services.
The bank’s competitive advantage stems from established payment infrastructure network
Woori Bank’s competitive advantage in providing affordable and efficient remittance and payment services stems from its wide network of established payment infrastructure. The overseas remittance service companies help the bank provide services in 42 different currencies. An established correspondent network with 36,000 banks around the world helps it support foreign exchange transaction needs. It operated as the first clearing bank for Korean Won in China, transferring over 2 million SWIFT messages annually as a primary banking partner for 16 large corporations.
For video of Transaction Finance Dialogue and Transaction Finance and Bankers’ Choice Awards Virtual Ceremony, please click https://bit.ly/31wgvuu
About Transaction Finance Awards
The Asian Banker Transaction Awards Programme, refereed by prominent global bankers, IT consultants and academics, is the most prestigious of its kind in the Asia Pacific. Recipients of the awards are honoured in a gala event to recognise their efforts in bringing superior products and services to customers. A stringent and comprehensive evaluation process determines the awardees. For specific details relating to description of the awards, evaluation criteria and process, kindly visit http://www.asianbankerawards.com/transactionawards/index.php
About The Asian Banker
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