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Thu, February 3, 2022 | 08:44
Economy
Woori Bank may face legal battle against SK C&C
Posted : 2018-03-05 14:33
Updated : 2018-03-05 20:22
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By Jhoo Dong-chan

Woori Bank has decided to postpone the introduction of its next-generation banking system, WINI, developed jointly with SK C&C.

The bank reportedly criticized SK C&C for a lack of preparedness in completing the system on schedule. SK C&C in turn claimed the responsibility in delaying the system's launch rests solely with the bank.

Woori Bank announced at the beginning of the year that it would temporarily halt all transactions during the Lunar New Year holiday to install the new system Feb. 19 after testing. On Feb. 13, however, the bank suddenly reversed the decision, saying the launch was postponed until May.

Industry observers say the delay not only caused confusion among customers but also jeopardized the bank's brand image.

In March 2016, Woori Bank signed a contract with SK C&C to develop the new system. The former paid 300 billion won ($277.1 million) and allocated 1,000 workers for the project.

It began testing the system in May last year, but suddenly decided to postpone the launch before a final test.

Woori Bank said the delay was because it needed to fine tune the system to ensure accuracy and remove possible bugs.

"SK C&C said it could fix minor problems to deliver the system on schedule, but we decided to postpone the launch to ensure there will be absolutely no flaws," said a Woori Bank official.

SK C&C claimed it was the bank's decision to delay the launch.

"There was no problem with the system itself," said SK C&C.

"Some minor errors could be found in the final testing, but it is common to find them at the last minute. Woori Bank decided to delay the launch to perfect the system," it added.

According to industry sources, Woori Bank and SK C&C have decided to launch the system May 8, but have yet to reach an agreement on who should pay for the delay.

Woori Bank said both companies should take responsibility.

"The bank is discussing the issue with SK C&C, but the company should pay the additional costs caused by the delay," said the bank official.

However, SK C&C claimed that the bank is fully responsible since it made the decision.

The additional costs are expected to reach 30 billion won if the system is launched in May.



Emailjhoo@ktimes.com Article ListMore articles by this reporter



 
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