The foreign ministry expects the new service to facilitate financial transactions for customers that use passports as their major identification method. (Yonhap)
SEOUL, Dec. 27 (Korea Bizwire) — South Korean banks plan to introduce a new service to check the authenticity of its customers’ passports used as an identification method, officials said Sunday.
The verification system will be available in 12 local banks starting from Monday and will expand to other banks and savings banks next year, according to the foreign ministry, Financial Services Commission (FSC) and Korea Financial Telecommunications & Clearings Institute (KTC).
This allows banks to check the authenticity of the customer’s identity by comparing in real time the passport presented by the customer with the information registered by facilities that handle passport issuance.
South Korean banks currently run a similar system that verifies the driver’s licenses and identification cards of its customers.
The foreign ministry expects the new service to facilitate financial transactions for customers that use passports as their major identification method, including minors and overseas South Koreans.
It is also expected to prevent accidents by preventing the use of forged or stolen passports.
(Yonhap)
