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News Releases 2007
Launch of "service for settlement of accounts receivable" utilizing "ITOCHU's network" and "Orico's financial functions"
– Partnership with Oie Sangyo Co., Ltd. beginning on October 1 –
October 1, 2007
ITOCHU Corporation and Orient Corporation (headquartered in Chiyoda Ward, Tokyo; Mr. Yoshimasa Nishida, President and CEO; hereinafter referred to as “Orico”) have launched the development of a service for settlement of accounts receivables (hereinafter referred to as “settlement service”) by combining the networks of ITOCHU group companies and its transaction partners with the financial functions of Orico.
As a first step, Orico is partnering with Oie Sangyo Co., Ltd. (headquartered in the city of Osaka; Mr. Keiji Oie, President; hereinafter referred to as “Oie Sangyo”), a leading commercial-sector food wholesaler that is listed on the First Section of the Tokyo Stock Exchange and on the Osaka Stock Exchange, to provide the proxy settlement service for Oie Sangyo and their customers beginning today. This service is initially being offered in the Osaka area.
The settlement service draws on Orico's operation know-how and functions related to credit card business.
The adoption of this service will enable companies that hitherto have done their own billing of and payment collection from customers to reduce their own administrative workload thanks to the proxy settlement by Orico. The payment guarantee feature of the service also affords the benefit of reducing credit risks.
For sales customers as well, the service makes it possible to simplify payment administration, since bills for purchase can be settled automatically by bank transfer.
The subject settlement service covers individuals who own their businesses as well as corporations.
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This settlement service was developed as part of the alliance between ITOCHU and Orico through the provision of advice by ITOCHU on business customs in various industries and accommodation of the needs of its transaction partners.
ITOCHU will continue to recommend potential customers to adopt this service utilizing the value chain in the ITOCHU Group.
Orico and ITOCHU have reaped benefits from their alliance in the B-to-C field in such forms as revolving credit business and the issuance of tie-up cards. Starting with the introduction of this settlement service, Orico and Itochu will put more efforts to expand the alliance into the B-to-B field as well.
