IYBank, a new bank specializing in automated services, will actively seek tieups with regional banks, IYBank President Takashi Anzai said.

“Regional banks will benefit if they tie up with us,” he told Kyodo News in an interview Wednesday, a day after the bank opened for business.

IYBank was launched by major retailer Ito-Yokado Co. and its convenience store subsidiary Seven-Eleven Japan Co.

Unlike traditional banks, IYBank has no branches as such. It focuses on settlement services for individual customers, offering 24-hour automated teller machine services.

Deposits, cash withdrawals and remittances are also done through ATMs.

IYBank is initially operating 64 ATMs at 58 Ito-Yokado and Seven-Eleven outlets in Tokyo and plans to increase the number to 1,650 in the Tokyo and Osaka areas by August.

“Unlike other conventional banks, we will not try simply to increase the number of customer accounts or boost outstanding amounts of deposits,” Anzai said.

Instead, the bank will strive to boost commission revenues from ATM usage.

“As the number of our ATMs grows, more customers will come to start using our machines,” he said.

Since the bank’s revenue depends primarily on these commissions, it needs to tie up with more banks to also attract their customers. It has already formed an alliance with Sanwa Bank.

“We are planning to tie up with other banks as well, including Shizuoka Bank and the Bank of Yokohama,” Anzai said.

“They may feel reluctant initially, but they will soon realize they can cut costs if they let us take care of ATM services for their customers.”

The newcomer is also considering approaching Hachijuni Bank, Chiba Bank and Yamanashi Chuo Bank.

Anzai declined to say how much he hopes other banks would charge their customers when they use IYBank ATMs, but said simply that it is up to each bank to decide.

Earlier this week, Sanwa Bank announced it will charge 52 yen to customers when they use their banking cards to withdraw or deposit money at IYBank ATMs.

Usually, 105 yen is charged when a person with an account at one bank withdraws or deposits cash via an ATM run by a different bank.

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