Tuesday, 26 February 2008

i-flex Launches Virtual Bank in Japan

i-flex, a provider of technology solutions to the global banking and financial services industry, has collaborated with Rakuten, Inc. and Tokyo Tomin Bank to successfully launch an online banking branch.

The online branch is hosted at ‘Rakuten Ichiba’, the largest e-marketplace in Japan and uses i-flex’s core banking solution.

According to an i-flex statement, the branch will provide customers with quick and easy access to account information and easy-to-use online banking services, while protecting their financial data. It will also give customers of ‘Rakuten Ichiba’ the convenience of a 24/7 online bank, and added channels such as ATM and mobile banking. The services can be directly accessed through ‘Rakuten Ichiba’ IDs, thus providing an integrated online experience for the customer.

“FLEXCUBE has led the way in adapting to emerging business models in banking; and the implementation at Rakuten, Inc.-Tokyo Tomin Bank, demonstrates this. We were extremely excited to enable an online bank in a virtual marketplace. We commend the innovation and leadership that Rakuten has undertaken, which will provide insights on banking services globally,” said Joseph John, Executive Vice-President, Banking Products, I flex solutions.

Rakuten, Inc. provides the online marketplace, “Rakuten Ichiba” for sellers to market their products to internet shoppers. Rakuten Financial Solution is the banking and financial services subsidiary of Rakuten, Inc. The Tokyo Tomin Bank serves the funding needs of small and medium-sized enterprises. It provides quality financial services to individuals and smaller businesses in Tokyo and immediately adjacent areas.