Japan Net Bank, the nation's first Internet bank, and Nippon Life Insurance Co. announced Wednesday they will begin offering customers easy cash transfers between accounts from both firms.
Under the new "Account Gate" service, which begins Monday, policyholders will be allowed to remit dividend savings in their insurance accounts to their accounts at Japan Net Bank.
The service will also enable policyholders to repay loans they took out from the insurer.
Customers of both Japan Net Bank and Nippon Life will be allowed to make remittances by drawing on the combined amounts of their savings at ordinary deposit accounts at the bank and money kept with the insurer.
The two firms said they will spare customers any commissions except in cases where they make remittances.