Hokkoku Bank’s first BaaS partnership revealed: “Finswer Bank”, proposing a one-stop accounting service
Hokkoku Bank, a group company of Hokkoku Financial Holdings, announced its partnership with Finswer as its first Banking as a Service (BaaS) partner. Hokkoku Bank will provide banking functions to “Finswer Bank,” an online bank scheduled to launch by the end of 2024 by f9k, a subsidiary of Finswer.
Overview of “Finswer Bank”
f9k, which provides Finswer Bank, is a financial service intermediary (Kanto Local Finance Bureau Chief (Financial Services) №12) that streamlines invoice and expense-related tasks in one stop. Customers can use Finswer Bank by opening an account at the “Hokkoku Bank Finswer Branch.”
On Finswer Bank, AI automatically reads the contents of invoices and receipts, completing transfers and settlements. It can also issue invoices compliant with the Invoice System and reconcile payments with records. These documents can be stored in compliance with the Electronic Books Preservation Act by methods such as applying timestamps.
Furthermore, Finswer Bank will be Japan’s first B2B FinTech service that:
- Offers industry-leading low transfer fees of 90 yen per transaction for transfers to other banks
- Allows online account opening applications without transitioning to the bank’s service site
The partners are currently developing various features and plan to launch the service by the end of 2024.
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