Online payments in Slovakia rest on two pillars, cards and online banking transfers, and the consumer preference for account-based payment echoes the closely linked Czech ecosystem. Online Banking Slovakia lets a consumer choose their bank at checkout and authorize the transfer by logging into internet banking or a banking app, capturing customers who lack a card or are reluctant to enter card details into a real-time confirmed transaction. Since the euro was introduced in 2009, the transfer infrastructure has been consolidated into the SEPA framework, keeping the processing path simple.

It is used broadly, from general retail to digital services, and is especially effective at defending conversion as an alternative path for customers whose card authorization is declined. There are two other account-based methods with different characteristics: a prepayment method where the consumer transfers funds directly is covered under bank transfer, while recurring automatic debits based on a signed mandate are covered separately on the SEPA Direct Debit page.

When a consumer selects online banking transfer as the payment method and chooses their bank, they are redirected to that bank's internet banking site or app, log in, and authorize the transfer (via PSD2 open banking API or a bank-link method). The merchant is notified of payment completion immediately upon authorization, enabling fast shipment or service activation. Hecto Financial converts the resulting euro (EUR) proceeds and settles them with the Korean merchant in the contracted currency among USD, KRW, and JPY.

Acceptance of online banking transfers can be reviewed through Hecto Financial's integration without the Korean entity partnering individually with Slovak banks. Terms vary based on participating bank coverage and the integration method (open banking API or bank link), so consultation before contracting is needed alongside settlement cycle, fees, and currency options.

• Business registration country

  Confirm whether contracting is possible on the basis of a business registered in Korea

• Sales channels

  Integration method and priority differ depending on your online sales channel mix, such as owned storefronts, open marketplaces, and mobile apps

• Product categories handled

  Advance confirmation is needed on whether your category falls under Online Banking Slovakia's restricted merchant policies

• EU regulatory compliance

  Confirmation is needed on compliance with EU payment regulations such as PSD2 and SEPA (see official sources below)

Proceeds from online banking transfers are received by Hecto Financial in euros (EUR), converted, and paid to the Korean merchant in whichever of USD, KRW, or JPY was set in the contract. The settlement cycle follows the contract terms. Given the nature of account transfers, there are no chargebacks, but consumer refunds must be processed by the merchant as a return transfer, so it is advisable to establish a process for collecting and verifying refund account details in preparation for EU consumers exercising their 14-day right of withdrawal.

• National Bank of Slovakia (Národná banka Slovenska)Official information on Slovakia's payment systems and supervisory regulations. If actual regulations differ from the content on this page, the official source takes precedence.