Bank visit business enables electronic financial business of companies

Fintech specialist Webcash and NH Nonghyup Bank announced that they will provide the first cloud-based corporate finance management service (CMS) in Korea, 'Cloud Branch', to companies. This service can be used through NH Fintech's cloud service zone.

Cloud Branch, which was introduced by Webcash and NH Nonghyup Bank based on professional electronic financial solution technology, provides domestic financial transaction services in a cloud environment. Since companies can easily use all financial and financial services in one place, they can receive basic financial services such as deposits and withdrawals as well as specialized corporate services such as differential salary transfers in the office without having to visit the bank, simplifying financial work and increasing convenience.

Through CloudBranch, which provides companies with services that are reconfigured to fit the cloud environment, companies can use corporate-specific financial services such as deposits, withdrawals, inquiries, product subscriptions, salary transfers, and corporate card management from the office at half the existing usage fees. It is similar to Internet banking services in that financial services can be used without visiting the bank, but it can also handle corporate financial tasks by linking with enterprise resource planning (ERP) systems such as personnel, payroll, and inventory management. In addition, it is easy to manage secure security and control internal authority.

CMS is an essential server element for managing corporate financial transactions and linking internal corporate systems.
While existing CMSs required individual server installations for each user company, as well as separate physical and security management, Cloud Branch is characterized by reducing the need for separate installation and management for user companies through a cloud server with enhanced security instead of installing individual servers. It also complies with the government, Ministry of Public Administration and Security, and Ministry of Science, ICT and Future Planning policies that encourage the use of the cloud.

Yoon Wan-soo, CEO of Webcash, said, “Through cloud-based CMS, companies will be able to process work more easily and conveniently without the cumbersome and complicated server setup and management process of the past, which will greatly enhance their competitiveness.” He added, “In line with the domestic cloud activation strategy, we will work with NH Nonghyup Bank, one of Korea’s leading banks, to expand cloud fintech services.”

An official from Nonghyup Bank said, “Cloud Branch is a service that is in line with the expansion of the cloud platform for the era of the 4th Industrial Revolution and responds to the government and the Financial Supervisory Service’s cloud promotion policy.” He added, “We will support the smart financial life of corporate customers by adding various services tailored to the cloud environment, such as mobile inquiry, payment service, open API linkage, and a monitoring system that checks for and takes action on system failures in advance.”