Electronic Payment Services (PFM, Accounting Services), Information Banks, and Use of Financial Information

Under the circumstances of unbundling financial functions, we provide electronic payment service providers with legal support on BaaS (Banking as a Service), Embedded Finance and utilization of bank-held data, including:

• Advice on necessary and requisite financial licenses
• Support for obtaining necessary licenses or registrations
• Advice on new business after registration
• Support for negotiations with banks, etc.
• Analysis of industry regulations applicable to clients’ respective services that handle certain personal/customer information
• Provision of service by using data held by banks, etc.
• Business regulations
• Data Protection
• Electronic data interchange (EDI)
• "Information banks"

We also provide support on (i) how to use financial/transaction information using EDI, based on our extensive experience and know-how through providing regulatory support to financial institutions and (ii) establishment of so-called "information banks" structure (building up an ecosystem for the utilization of personal data and/or customer data), from several applicable laws and regulations.

When advising foreign clients, our firm can field a team of expert Japanese lawyers and foreign lawyers who have relevant experience and bi-cultural sensitivity. Our team can do business and draft documents in Japanese, English, German, Mandarin, Hindi, Korean, and Marathi, and provides services around the clock through our global affiliated offices.

 

Related Publications

• “Key Points of the Amendment of the Act on the Protection of Personal Information in Finance-Related Fields including Effect on the Guidelines in the Finance Sector,” Horitsu no Hiroba, May 2022, the Gyosei Corporation (2022)[Co-author]

• "Frontline of Digital Platform Business Study: Digital Platforms and Information Networks (Part 2)," Horitsu Jiho No.1173 (Discussion)

• "Current Situation of the Information Bank and Points to Keep in Mind for the Administration," Administration & Information System August 2020 Issue (2020) 
• "Special Commentary: Financial Institutions and Information Bank: Understanding the Data Distribution Business," the Banking Law Journal 21, September 2019 Issue No. 846 (2019)
• "Business Commentary: Evaluation Points on whether the Banking Act is applicable to Electronic Funds Transfers and Account Management," Junkan Keirijouhou June issue No.1546 (2019)

 

Related Seminars

• Presentation "Data Utilization for Financial Related Businesses," at "Society 5.0 and Data Distribution" Committee, hosted by JEITA, September 12, 2019
• "Open API: Practical Solutions for Banks – Including Repercussions for Credit Card and Insurance Companies," hosted by Seminar-Info, May 28, 2018

 

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