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(No.1 High-Tech News Site in Japanese)

  • IBM Japan Sets Up Study Group for Banking Service Using GOLD
  • October 1, 1998 (TOKYO) -- IBM Japan Ltd. said it established the Regional Banks Cyber Business Study, a study group for banking services using information technology, on Sept. 25.
    A total of 21 regional banks said they will join the group.

    Use of GOLD Message Standard (GOLD), a system interface specification for banking services, is the focus of the study.

    GOLD is a specification proposed by Integrion Financial Network, which is jointly owned by 17 banks in North America, Visa International of the United States and IBM Corp.

    Also, the study group is slated to focus on the collaborative operation of a payment system utilizing debit cards. It will deal with regional banks' joint projects in the banking service field after the first quarter of 1999.

    Some other banking service specifications exist, including Open Financial Exchange (OFX) proposed by Microsoft Corp. as well as Integrion's GOLD, and a global standard specification has yet to emerge.

    The GOLD and OFX camps had an agreement on making their specifications common and allowing their system to interconnect. However, at the same time, IBM and Microsoft, spearheading the two camps, are competing for the de facto standard.

    In Japan, IBM Japan started GOLD Direct, the Internet banking solution using the GOLD specification in August 1998. Sakura Bank Ltd. has already introduced a GOLD-based system and will start to provide home banking services in October.

    On the other hand, Microsoft released in July a financial management software product for individual users called Money, which employs a part of the OFX specification. It allows telecom carriers to provide communications services using this specification.

    (BizTech News Dept.)

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    Updated: Wed Sep 30 16:41:19 1998 PDT