Bank of Tokyo Mitsubishi introduces telebanking and e-money services

Bank of Tokyo Mitsubishi introduces telebanking and e-money services

The Bank of Tokyo Mitsubishi is to introduce broadband video conferencing between customers and staff through a network of 'Telebank' terminals at branches.

The new MTFG Telebank service will initially be available for new account openings, but will be gradually extended to include foreign currency deposit and investment trust services, and consulting services such as housing loans. Other group companies, such as Mitsubishi Securities and DC Cash One will also be co-opted to deliver services through the new channel.

The terminals will be in operation at 40 branches by September, with full implementation across the branch network schedlued for March 2007.

The Japanese bank has also unveiled a new service for customers to transfer cash from their current accounts for use as e-money on mobile phones. It follows the introduction of a similar service by Sumitomo Mitsui Bank amid moves by Japanese wireless operators to introduce a new generation of e-money compatible mobile handsets.

Accoding to a recent report in the Nihon Keizai Shimbun, the number of purchases made by Japanese consumers each month using the Edy e-money system is expected to surpass 10 million for the first time in June. The alternative Suica e-money service - launched by East Japan Railway Co in tandem with NTT DoCoMo and Sony - is expected to generate three million transactions this month.

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