COOCON

Virtual Account

Service Features

01
Provides virtual accounts for deposit-only

Provides virtual accounts which notify the details of deposits real-time.
02
Enables corporates to build accurate banking-related work process

This product also provides a function of comparing deposit details and billing records. It makes corporates confirm the accuracy of receiving payments.

API's

Source Data Providers	All banks in Korea, including Nonghyup Bank, Kookmin Bank, Woori Bank, Shinhan Bank, Industrial Bank of Korea, KEB Hana Bank and Korea Post bank
Data	Virtual account number Remittee Depositor Transaction Amount ... Virtual Account

Customers

KT
KB Kookmin Card
Korea Expressway Corporation
National Pension Service
SK Broadband
Others

Use Case

로고 아이콘 Confirms the Accuracy on Receiving Payments

KT, the largest telecommunications company in Korea, adopted COOCON’s virtual account to automate the process of receiving payments and prevent errors in it.

All banks in Korea
Provides virtual account and
its deposit details
KT

Initial set-up costs
Monthly fee
Additional fee
(per transaction)

Direct Debit

Service Features

01
Enables corporates to automate the process of receiving payments

This product enables corporates to collect payments from a great number of customers’ accounts.
02
An essential service for receiving payments

This is an essential product to the corporates which need receiving and collecting payments from numerous customers through accounts such as insurers, telecommunications companies, and so on.

API's

Source Data Providers	All banks in Korea, online banks (KakaoBank, K Bank), securities firms (Yuanta Securities Korea, Samsung Securities, Hanwha Investment & Securities)
Data	Immediate withdrawal Account for Direct Debit Processing Results Account balance Direct Debit

Customers

LINA Life Insurance
LG Electronics
BC Card
AIG General Insurance
Lotte Rental
Others

Use Case

로고 아이콘 Automated the Process of Collecting
Insurance Premiums

LINA Life Insurance, a Korean affiliate of a global financial group, Cigna, developed insurance premium transfer service through COOCON. They collect insurance premiums regularly from registered accounts of customers.

All banks, online banks and
securities firms in Korea
Withdraw insurance premiums from
customers’ accounts and
transfer them to its account
LINA Life Insurance

Initial set-up costs
Monthly fee
Additional fee
(per transaction)

Direct Deposit

Service Features

01
Automation of payment/settlement

Various payments to be made by a corporate are withdrawn from its account and then deposited to multiple accounts.
02
Enables corporates’ real-time/collective payment processing

Mass payments(mass payouts), such as paying salary, dividends, reserves and refunds, can be processed in real time.

API's

Source Data Providers	All banks in Korea, online banks (KakaoBank, K Bank), securities firms (Yuanta Securities Korea, Samsung Securities, Hanwha Investment & Securities)
Data	Direct Deposit Unable to Deposit Transfer Results Account Balance Direct Deposit

Customers

Lotte Card
SK Networks
Korea Student Aid Foundation
Hope Bridge Korea Disaster Relief Association
Hanwha Asset Management
Others

Use Case

로고 아이콘 Automated the Settlement of
Credit Sale Payments

Lotte Card, which owns the nation's largest distribution and service networks, processes credit sale payments, to be deposited to a countless number of its card member stores, at one time through COOCON API.

All banks, online banks and
securities firms in Korea
Withdraw cash from its corporate account
and deposit it to the accounts of
its card member stores
Lotte Card

Initial set-up costs
Monthly fee
Additional fee
(per transaction)

Transaction Details Notification

Service Features

01
Enables Real-time Account Monitoring

Once a deposit to or a withdrawal from an account occurs, this product notifies the transaction details real-time.
02
Improves efficiency of fund management process

This product can be easily connected to corporates’ internal system (ERP). corporates can automate their cash management process through this product.

API's

Source Data Providers	All banks in Korea, online banks (KakaoBank, K Bank), securities firms (Yuanta Securities Korea, Samsung Securities, Hanwha Investment & Securities)
Data	Transaction Date Transaction Time Withdrawal Account Information Deposit Account Information Transaction Details Notification

Customers

Korea Student Aid Foundation
Toyota Financial Services Korea
Carrot General Insurance
Tire Bank
Hanwha Life Insurance
Others

Use Case

로고 아이콘 Simplified Account Management

Korea Student Aid Foundation, the organization exclusively responsible for scholarship projects in Korea, is managing its accounts of loan, scholarship and donation projects conveniently with data of financial transaction details through COOCON API.

All banks, online banks and
securities firms in Korea
Provides transaction details of
accounts real-time
Korea Student Aid Foundation

Initial Set-up costs
Monthly fee
Additional fee
(per transaction)