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Mizuho Bank and Fujitsu in FinTech Field Trial
Initiative for electronic invoicing and payment, and automated accounts receivable reconciliation services seeks to dramatically streamline corporate accounting processes
Mizuho Bank, Ltd.,Fujitsu Limited
Tokyo, August 12, 2016
Mizuho Bank, Ltd. and Fujitsu Limited today announced that they have launched a field trial aimed at providing electronic invoicing and payment and automated accounts receivable reconciliation services using electronic invoicing (EIPP)(1) and financial EDI(2). The field trial is based on an agreement, signed by the two companies on July 29, to investigate invoice and payment digitization and accounts receivable reconciliation automation services.
Background
Recently, the movement toward FinTech - the fusion of finance and IT - has been accelerating both in and outside Japan. One aspect of this is financial EDI, in which information related to business transactions is attached to electronic settlement confirmations (wire transfer data), then exchanged and shared. Financial EDI is expected to offer a variety of benefits, including automated and more efficient transactions. Given this, the two companies have considered links with a shift to XML telegrams for domestic payment instructions between companies(3) being advanced by the financial services and manufacturing industries, and have begun an initiative to build a pilot system aimed at providing the type of services shown in the figure below, and to verify its impact.
Figure 1: Model-based air-conditioner control system
Overview of the Field Trial
- Goal
The field trial aims to digitize all transactions from invoice to payment and receipt, and to dramatically improve automation of accounts receivable reconciliation for companies by implementing EIPP and financial EDI in the invoice and payments processes of business transactions.
- Trial period
Pilot system construction: July 2016 - October 2016 (Planned)
Effectiveness verification: November 2016 - March 2017 (Planned)
- Planned to be implemented in transactions between Fujitsu and various Fujitsu Group companies (in Japan only)
- Content
This field trial will examine the system's effectiveness and business potential with regard to the following:
- Process optimization and cost reduction
- Enhancement of internal controls and acceleration of settlements
Future Developments
- Through this field trial, the two companies will work to develop advanced settlement services that lead to efficiencies in corporate accounting processes, to promote the creation of new businesses and convenient services using ICT.
- The two companies aim to provide services that support a shift to XML telegrams for domestic payment instructions between companies, which is being considered within the financial and industrial sectors.
- The two companies are studying the feasibility of creating a possible common environment that could also improve back-office productivity and enable business process outsourcing of credit management tasks for companies.
About Fujitsu
Fujitsu is the leading Japanese information and communication technology (ICT) company, offering a full range of technology products, solutions, and services. Approximately 156,000 Fujitsu people support customers in more than 100 countries. We use our experience and the power of ICT to shape the future of society with our customers. Fujitsu Limited (TSE: 6702) reported consolidated revenues of 4.7 trillion yen (US$41 billion) for the fiscal year ended March 31, 2016. For more information, please see http://www.fujitsu.com.
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Company:Fujitsu Limited
All company or product names mentioned herein are trademarks or registered trademarks of their respective owners. Information provided in this press release is accurate at time of publication and is subject to change without advance notice.
Date: 12 August, 2016
City: Tokyo
Company:
Mizuho Bank, Ltd. / Fujitsu Limited