Japan's first internet bank, SBI Net Bank Ltd., on Sept. 6 launched an online funds-transfer service in partnership with with Tokyo-based Telecom Credit.

Using Telecom Credit's transaction-clearing service, SBI’s accountholders need not type in lengthy payment information such as payee names and transfer amounts when purchasing services and goods, as users automatically will be directed to the payment page with the information filled in.

 SBI has 37 affiliated websites, most of which are foreign-exchange and stock-trading sites, according to the bank. “It only takes no more than 2 minutes for our clients to confirm a transfer, making online purchases much more efficient and convenient,” SBI spokesperson Yoshihiko Tezuka tells PaymentsSource. The service is free for online users, but mobile-banking users may have to pay some fees charged by website operators, he says.

Online retailers, including those not under contract with SBI, pay a monthly fee of 20,000 yen (US$239 or 188 euros) to Telecom Credit for its transaction-clearing service, a spokesperson for the company says, noting Telecom Credit also provides it services to SBI rival Rakuten Bank Ltd.

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