How is this different from traditional bank transfers?

常见问题与解答集中在一处

Transfers take about 3 minutes on average, with none of the intermediary, telegraphic, or recipient fees that bank wires add at each step. Hanpass pre-funds destinations, removing middle-step costs. Hanpass is registered with the Ministry of Economy and Finance as a small-sum overseas remittance provider (No. 2017-11) and supervised by the FSS.