is a Japanese

bank A bank is a financial institution that accepts Deposit account, deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital m ...

. It is a subsidiary of Seven & I Holdings Co., Ltd. (parent company of

Seven-Eleven Japan is a Japanese convenience store chain headquartered in Chiyoda, Tokyo. It is a subsidiary of Seven & I Holdings, and 7-Eleven, 7-Eleven, Inc. (which owns the global 7-Eleven franchise) is a subsidiary of the company. The company was establishe ...

and Ito Yokado).

History

The bank received a provisional banking license from the

Financial Services Agency The is a Japanese government agency and an integrated financial regulator responsible for overseeing banking, securities and exchange, and insurance sectors in order to ensure the stability of the financial system of Japan. The agency operates ...

in 2000, and began operations on April 10, 2001 as , taking its initials from Ito Yokado. In its early years, the bank conducted its business primarily through the

Internet The Internet (or internet) is the Global network, global system of interconnected computer networks that uses the Internet protocol suite (TCP/IP) to communicate between networks and devices. It is a internetworking, network of networks ...

, IY Bank has

automatic teller machine An automated teller machine (ATM) is an electronic telecommunications device that enables customers of financial institutions to perform financial transactions, such as cash withdrawals, deposits, funds transfers, balance inquiries or account ...

s in 7-Eleven convenience stores and Ito Yokado general-merchandise stores in Japan, and on April 27, 2005, opened its first branch with live staff. Customers with accounts at certain banks can process transactions at IY terminals at no cost; IY collects a handling fee from customers at other banks. The bank was renamed as Seven Bank on October 11, 2005. Seven Bank began accepting foreign-issued ATM and credit cards in June 2007. Cards with Visa,

Plus Plus or PLUS may refer to: Mathematics * Addition * +, the mathematical sign Music * Plus (band), a Japanese pop boy band Albums and EPs * ''+'' (Ed Sheeran album), (pronounced "plus"), 2011 * ''Plus'' (Astrud Gilberto and James Last album), ...

American Express American Express Company or Amex is an American bank holding company and multinational financial services corporation that specializes in payment card industry, payment cards. It is headquartered at 200 Vesey Street, also known as American Expr ...

Discover Discover may refer to: Art, entertainment, and media * ''Discover'' (album), a Cactus Jack album * ''Discover'' (magazine), an American science magazine * "Discover", a song by Chris Brown from his 2015 album ''Royalty'' Businesses and bran ...

, JCB,

Diners Club A diner is a type of restaurant found across the United States and Canada, as well as parts of Western Europe and Australia. Diners offer a wide range of cuisine, mostly American cuisine, a casual atmosphere, and, characteristically, a comb ...

China UnionPay UnionPay (), also known as China UnionPay () or by its abbreviation, CUP or UPI internationally, is a Chinese state-owned financial services corporation headquartered in Shanghai, China. It provides bank card services and a major card sch ...

logos on them are all accepted to withdraw yen from the machines. In December 2009, Seven Bank discontinued ATM services for MasterCard,

Maestro Maestro (; from the Italian '' maestro'' , meaning " master" or "teacher," plural: maestros or maestri) is an honorific title of respect, sometimes abbreviated Mo. The term is most commonly used in the context of Western classical music and oper ...

and Cirrus cards. Seven Bank said that from their perspective, a revision of the terms and conditions on the part of MasterCard did not "sustain the economic viability of (Mastercard) services". ATM services for MasterCard, Maestro and Cirrus cardholders were restored in August 2010, but were suspended again in April 2013 for similar reasons. On March 22, 2011, Seven Bank and

Western Union The Western Union Company is an American multinational financial services corporation headquartered in Denver, Denver, Colorado. Founded in 1851 as the New York and Mississippi Valley Printing Telegraph Company in Rochester, New York, the co ...

started the Seven Bank International Money Transfer Service as part of their mobile and internet banking services. On July 19, 2011, the service was expanded to Seven Bank ATMs, which has about 16,000 locations nationwide with English and Japanese telephone customer support. On November 7, 2011, localized telephone support in Chinese, Spanish, Portuguese and Tagalog was started in order to assist customers using the service. In June 2024, the bank announced that it will be expanding its presence to

Malaysia Malaysia is a country in Southeast Asia. Featuring the Tanjung Piai, southernmost point of continental Eurasia, it is a federation, federal constitutional monarchy consisting of States and federal territories of Malaysia, 13 states and thre ...

, its fourth overseas market after the

United States The United States of America (USA), also known as the United States (U.S.) or America, is a country primarily located in North America. It is a federal republic of 50 U.S. state, states and a federal capital district, Washington, D.C. The 48 ...

Indonesia Indonesia, officially the Republic of Indonesia, is a country in Southeast Asia and Oceania, between the Indian Ocean, Indian and Pacific Ocean, Pacific oceans. Comprising over List of islands of Indonesia, 17,000 islands, including Sumatra, ...

and the

Philippines The Philippines, officially the Republic of the Philippines, is an Archipelagic state, archipelagic country in Southeast Asia. Located in the western Pacific Ocean, it consists of List of islands of the Philippines, 7,641 islands, with a tot ...

Services

Seven Bank in Japan is known for their

24/7 In commerce and industry, 24/7 or 24-7 service (usually pronounced "twenty-four seven") is service that is available at any time and usually, every day. An alternate orthography for the numerical part includes 24×7 (usually pronounced "twenty- ...

ATMs, often located inside 7-Eleven and Ito-Yokado stores, shopping malls, train stations and airports. They have therefore become popular among foreign tourists looking to withdraw

Japanese yen The is the official currency of Japan. It is the third-most traded currency in the foreign exchange market, after the United States dollar and the euro. It is also widely used as a third reserve currency after the US dollar and the euro. Th ...

banknotes A banknote or bank notealso called a bill (North American English) or simply a noteis a type of paper money that is made and distributed ("issued") by a bank of issue, payable to the bearer on demand. Banknotes were originally issued by commer ...

. As of March 2024, Seven Bank reported that they had 27,422 ATMs installed nationwide, only beaten by

Japan Post Bank is a Japanese bank headquartered in Tokyo. It is a corporation held by Japan Post Holdings, in which the government of Japan has a majority stake. It is a major financial institution that started in 1875 as a postal savings system, and that s ...

with 31,157 ATMs in total.https://www.sevenbank.co.jp/ir/library/disclosure/pdf/2024073101.pdf In its domestic

retail banking Retail banking, also known as consumer banking or personal banking, is the provision of services by a bank to the general public, rather than to companies, corporations or other banks, which are often described as wholesale banking (corporate ...

sector, Seven Bank provides a JCB

debit card A debit card, also known as a check card or bank card, is a payment card that can be used in place of cash to make purchases. The card usually consists of the bank's name, a card number, the cardholder's name, and an expiration date, on either ...

with IC card and nanaco capabilities to customers when opening a

deposit account A deposit account is a bank account maintained by a financial institution in which a customer can deposit and withdraw money. Deposit accounts can be savings accounts, current accounts or any of several other types of accounts explained bel ...

with them. They also offer

checking account A transaction account (also called a checking account, cheque account, chequing account, current account, demand deposit account, or share account at credit unions) is a deposit account or bank account held at a bank or other financial instituti ...

s, fixed-term deposits and unsecured card loans.

References

External links

* * Seven & I Holdings Banks established in 2001 Banks of Japan Financial services companies based in Tokyo {{Asia-bank-stub