Woori Bank said on Sunday it will launch a service that allows corporate customers to apply easily and non-face-to-face for issuance of an “import cargo delivery guarantee” through corporate internet banking.

An import cargo delivery guarantee is a system in which, when imported cargo arrives before the original shipping documents, the applicant for issuing a letter of credit can request delivery of the imported cargo in advance using only copies, without the original bill of lading.

Until now, importing companies faced heavy time and cost burdens because they had to visit branches to submit supporting documents such as application forms, contracts and invoices during the issuance process for an import cargo delivery guarantee.

With the newly introduced non-face-to-face service, importers can apply for issuance simply by logging in to corporate internet banking, entering import transaction information and submitting related supporting materials as files.

They can check the issuance progress and processing results in real time through corporate internet banking. Once branch review is completed, they can immediately print the import cargo delivery guarantee and submit it to shipping companies or shipping agents to receive cargo quickly.

A Woori Bank official said the rollout will allow import letter of credit tasks broadly, including opening, changing terms and paying import settlement amounts, to be handled non-face-to-face. The official said the bank will continue to upgrade digital services in trade and foreign exchange to improve efficiency and convenience for corporate customers.