On Friday, Mizuho Bank and Fujitsu announced they have teamed up for a fintech field trial that is aiming to provide electronic invoice and payment, along with automated accounts receivable reconciliation services that use electronic invoicing and financial EDI. This trial is part of an agreement, which was signed by both companies on last month, and is seeking to investigate invoice/payment digitization and accounts receivable reconciliation automation services.
The trial period’s pilot system construction is planned to take place between July 2016 and October. The effectiveness verification will start November 2016 and end March 2017. The field trial will examine the system’s effectiveness and business potential, based on the following:
- Process optimization and cost reduction
- Enhancement of internal controls and acceleration of settlements
Both Mizuho Bank and Fujitsu will work on the development of advanced settlement services, which will lead to efficient in corporate accounting processes, promote the creation of new businesses and create convenient services using ICT. The companies will also aim to provide services that support a shift to XML telegrams for domestic payment instructions and will study the feasibility of creating a possible common environment which will improve back-office productivity and enable business process outsourcing of credit management tasks.