#Japan #Tokyo #COREC #COREC BANK #Finswer

Introduction

Rakuten Commerce has recently unveiled COREC BANK, an innovative online banking service aimed explicitly at businesses utilizing the COREC system. This service leverages the white-label banking infrastructure provided by f9k, a subsidiary of Finswer, enabling companies to efficiently manage their financial transactions, from account creation to money transfers, all while benefiting from industry-leading low transfer fees.

Background on COREC

COREC is a cloud-based system designed to streamline business-to-business order management. With more than 88,000 member companies across various industries, it provides a centralized platform for managing transactions that traditionally require multiple channels such as email, fax, or phone. By transitioning to a digital format, COREC exemplifies the necessary movement towards digital transformation (DX) in business operations.

Features of COREC BANK

The newly launched COREC BANK integrates corporate banking features with accounting efficiency tools, providing a comprehensive online banking service. Below are some of the key functionalities of COREC BANK:

1. Quick Online Account Creation

Businesses can open a corporate account in as little as 15 minutes with minimal required documentation. The process is entirely digitized, avoiding the hassles of in-person visits or mailing paperwork.

2. Competitive Transfer Fees

Offering the lowest transfer fees in the industry, COREC BANK allows for transfers to other banks starting at just 90 yen per transaction, with employee salary transfers from 21 yen. Accounts within the same bank further benefit from a lower fee of 13 yen.

3. AI-Powered Invoice Handling

The COREC BANK system incorporates advanced AI technology that automatically reads invoices, eliminating the need for manual data entry. The processing of an invoice through to payment can all be executed seamlessly within COREC BANK, allowing for automatic imports of invoices sent to a designated email address.

4. Enhanced Accounting Capability

Supplementary features support businesses in managing their finances, including expense reimbursements, qualified invoice issuance, compliance with electronic accounting laws, and integration with accounting software.

5. Flexible Pricing Plans

COREC BANK provides zero-cost monthly maintenance options. Clients can opt for three plans—Free Plan (no monthly fee), Standard Plan (2,980 yen/month), or Pro Plan (7,980 yen/month)—giving them the flexibility to choose the best fit for their business needs.

Executive Insights

Kazuhiro Waki, President of Rakuten Commerce, notes that while COREC has focused on streamlining order processes, backend operations like payment confirmations and fund management still required significant manual intervention. The introduction of COREC BANK resolves this, allowing businesses to eliminate unnecessary costs and embrace the advantages of digital banking.

Shuhei Taguchi, COO and co-founder of Finswer and f9k, highlights the facilitation of banking services through their white-label approach, offering partner companies an accessible route to launch branded banking services.

Future Directions

Looking ahead, Rakuten Commerce aims to expand COREC’s capabilities and enhance customer satisfaction through continuous service improvements. With COREC BANK's integration, businesses can now achieve a seamless connection between order processing and financial management, thus creating an environment that promotes growth and efficiency.

Conclusion

The introduction of COREC BANK marks a significant evolution in online banking for corporations. By integrating modern technology with essential banking services, Rakuten Commerce is paving the way for greater operational efficiency and digital transformation for businesses.

For more details, visit the COREC BANK service site at COREC BANK.