Under the agreement, businesses with accounts at Shinhan Bank can directly link them with the SePay platform. When transactions occur, balance changes are automatically recorded and synchronized to the system, allowing businesses to confirm payments without manual checks.

The Shinhan Bank API connection enables businesses to record balance changes in their main accounts, including both incoming and outgoing transactions, as they happen. Cumulative balances after each transaction are also automatically updated, providing businesses with a more complete and accurate view of their cash flow.

Businesses can track revenue via the SePay platform. *Photo: SePay*

Beyond main accounts, businesses can use virtual accounts (VA) to separate and manage revenue streams. With static VAs, each branch, store, or point of sale receives a unique account for revenue tracking. Dynamic VAs can be generated per order, helping the system automatically identify and match payments with corresponding transactions.

According to SePay, this model suits businesses with high transaction volumes or multiple sales points, where the need for automated payment recording and reconciliation is increasing.

The SePay platform interface. *Photo: SePay*

Shinhan Bank is a wholly foreign-owned bank, part of Shinhan Financial Group (Korea), and has been present in Vietnam since 1993. The bank serves a diverse client base, including Korean businesses and foreign-invested enterprises in Vietnam.

SePay is a fintech company specializing in open banking, developing bank API connectivity solutions. It currently serves over 85,000 individual customers, business households, and enterprises. The company has maintained ISO/IEC 27001:2022 information security management system certification for three consecutive years.

This partnership between SePay and Shinhan Bank expands bank API connectivity for businesses. It supports the automation of transaction recording, confirmation, and reconciliation processes, thereby enhancing cash flow management efficiency.

(Source: SePay)

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