TOKYO, Jan 13 Asia Pulse - Sumitomo Mitsui Banking Corp. plans to expand its Internet banking services for corporate customers by making it easier for them to settle payments for imports.
The core unit of Sumitomo Mitsui Financial Group Inc. (TSE:8316) will add such services as notifying companies by e-mail when payment documents for imports have arrived from overseas firms and executing such payments on their behalf.
Keeping firms informed about letters of credit and facilitating other export-payment-related activities are already covered by the bank's existing online services, which are set to encompass almost all transactions between Japanese and overseas companies.
By enabling businesses to execute payments in a more secure and smoother manner, the bank aims to increase its fee revenue.
The services to be added are compatible with the SAS 70 auditing standard set by the American Institute of Certified Public Accountants. Japanese firms listed in the U.S. can therefore expect to find it easier to meet the corporate governance rules, including strengthening internal controls, that are incorporated in the Sarbanes-Oxley Act of 2002, according to Sumitomo Mitsui.
(Nikkei)
13-01 1350
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