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Japan’s biggest banks to launch 24-hour money transfers JIJI

download (1)Sumitomo Mitsui Banking Corp., Bank of Tokyo-Mitsubishi UFJ and Mizuho Bank are planning to start allowing immediate money transfer services 24 hours a day.

Sumitomo Mitsui said Monday it will start offering money transfer services between its accounts 24 hours a day, 365 days a year, starting next February at the earliest.

At present, money transfers at the bank after 3 p.m. on weekdays as well as on weekends and other holidays are settled during business hours the next weekday. The new service will enable immediate transfers of money at any time.

Sumitomo Mitsui will allow such transactions at ATMs at its head and branch offices and at convenience stores, and also through online banking.

The bank said it is responding to increasing demand for prompt settlements due to the growth of transactions involving e-commerce.

Tokyo-Mitsubishi UFJ will also start round-the-clock immediate transfer services in February, while Mizuho Bank is preparing to launch a similar system in the near future, informed sources said.

The Japanese Bankers Association plans to set up a system as early as 2018 to enable immediate money transfers 24 hours a day between accounts at different banks. The expansion of transfer services by Sumitomo Mitsui and Tokyo-Mitsubishi UFJ is seen as a preparatory step for the start of the association’s system.

Among other banks, Resona Holdings Inc. started 24-hour transfer services at its three group banks — Resona Bank, Saitama Resona Bank and Kinki Osaka Bank — in 2015.

Source: The Japan Times

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