Business / Corporate

Resona to roll out 24-hour online money transfer service from April

Kyodo

Resona Holdings Inc. plans to start offering a 24-hour online money transfer service in April between its group banks, becoming the first major banking group to provide such a service in Japan, company officials said Sunday.

The new service, which will also be available on holidays, will be offered by Resona’s three group banks — Resona Bank, Saitama Resona Bank and Kinki Osaka Bank.

Currently, money transfers have to be made between 9 a.m. and 3 p.m. on weekdays for immediate settlement. Transfers at other hours or on holidays are settled the next business day.

Resona’s plan comes as the Japanese Bankers Association is considering extending the operating hours of money transfer services.

According to Resona, some banks provide 24-hour online money transfer services for account holders of the same bank, but Resona will be the first in Japan to offer the service between different banks.

There were around 600 branches of the three Resona group banks, mainly in the Kanto and Kansai regions, at the end of September.

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