Bank connection support services
We support the establishment of connections to bank accounts outside Japan and operational systems, challenges for group financial management faced by companies operating global businesses.
We support the establishment of connections to bank accounts outside Japan and operational systems, challenges for group financial management faced by companies operating global businesses.
In general, companies operating global businesses tend to perform treasury management by creating centralized management systems and building operational structures, through the adoption of a treasury management system (TMS) and/or enterprise resources planning (ERP).
In order to start operating these systems, however, companies must first perform various tasks internally, including sending requests for the sharing of information to banks where they have accounts in Japan and overseas, and collaborating with vendors to test the receipt of data. It is relatively easy for companies to communicate with financial institutions in Japan, but it is difficult for them to communicate directly with financial institutions outside of Japan, acquire necessary information, create connections, and conduct tests. Accordingly, such work places a burden on departments responsible for financial management.
Agreements between the bank where a company has its main accounts and financial institutions in other countries, as well as the creation of operational systems, are also necessary. Unless companies can complete all these preparations, they will not be able to start centralized management of financial information for sites outside Japan.
At Tokyo Kyodo Accounting Office, we have gathered a team of financial experts, and launched activities in the form of the Treasurers Club of Japan. As the first step in these initiatives, we have begun offering services to support more advanced global financial management, focusing on the challenges faced by multinational companies.
A team of professionals with hands-on experience at financial institutions and deep knowledge of the protocols of financial institutions in each country will support your operations.
In our Group Overseas Account Information and Bank Connectivity Support Service, we work in place of our clients’ financial staff to create connections with the bank account information of business sites, group companies, and other organizations outside Japan, as well as related operational systems (as Tokyo Kyodo Accounting Office is not the holder of the bank accounts, we actually act on our clients’ behalf to arrange request letters, assess replies, and conduct data connection tests). In this way, we contribute to enhancing the financial management of our clients.
■Acquisition of bank account information from outside Japan as electronic data
We will perform tasks such as submitting requests for the dispatching of information and checking data formats and prices with the local banks where business sites outside Japan have accounts. We will also prepare agreements and applications.
■ Connection tests on behalf of clients
We submit requests for data reception tests to TMS and ERP vendors, perform connection tests, and evaluate the results.
(We may also perform tests in the presence of our clients’ financial management staff.)
■ Other services
For clients that wish to centralize the management of remittance requests, we also offer advice on interbank agreements (MT101) and the creation of operational systems, based on interviews with the banks where clients have their main accounts and banks outside Japan. It is, however, considerably more difficult than obtaining account information.
Takayuki Saito
Treasury management upgrade support
Manager