Mizuho Bank and Fujitsu Limited launched a FinTech field trial last Friday (12 August 2016), following an agreement they signed on 29 July 2016 to investigate the digitisation of invoice and payment, and accounts reconciliation automation services.
In a press release, Fujitsu said the field trial aims to digitise all financial transactions and improve the automation of accounts receivable reconciliation for companies using an Electronic Invoice Presentment and Payment (EIPP) and financial Electronic Data Interchange (EDI) in their invoice and payments process.
The field trial is planned to be implemented in transactions between Fujitsu and various Fujitsu Group companies in Japan. It will examine the effectiveness of the company's system and identify business potential for process optimisation and cost reduction, enhance internal controls and accelerate settlements.
Through this trial, Mizuho Bank and Fujitsu aim to develop an advanced settlement services to create an efficient accounting processes, as well as promote the creation of new businesses and services using ICT.
They also aim to deliver services that support a shift to XML telegrams for domestic payment instructions between companies.
Lastly, the two companies will study the feasibility of creating a common environment that could improve productivity in the back-office and enable business process outsourcing of credit management tasks for companies.
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