Viva Republica, operator of Toss, said on Feb. 26 it has formally opened a related service in line with the Financial Services Commission’s rollout of the MyData-based interest rate cut request program.

Toss launched its “automatic interest rate cut request” service on Feb. 5 and began taking pre-registrations. It is now expanding the feature in earnest as the commission’s full service takes effect. The company said the number of pre-registrants has surpassed 400,000.

Once users give consent just once, the service analyzes in real time credit improvement signals such as financial assets collected through MyData, increased income, reduced debt and changes in credit scores. When it detects an optimized timing to lower interest rates, it automatically asks financial firms for rate cuts. Loans at other financial firms connected through MyData are also included.

Even if a request for a rate cut is not accepted immediately, it continuously monitors credit conditions and files another request when improvement signals are confirmed. It is designed to help consumers avoid missing opportunities for rate cuts.

The timing of when applications for actual rate cuts are accepted may differ by financial institution. Toss said it will provide guidance in the app on whether submissions are available for each linked financial firm, in sequence.

A Toss official said surpassing 400,000 pre-registrations shows consumer interest and demand for the interest rate cut request right. The official added the company will continue to help consumers exercise their legitimate rights more easily through MyData-based analysis.