Electronic Payment Services In order to conduct "electronic remittance instruction services" such as real-time bank transfer services offered by cloud accounting services, and "account information retrieval services" such as PFM and cloud accounting services as a business, registration under the Banking Act for Electronic Payment Services is required. Note that an overseas provider must be registered for Electronic Payment Services in order to communicate remittance instructions to a bank under the Banking Act (a foreign corporation must appoint a representative in Japan). In addition to registration under the Banking Act, Electronic Payment Services cannot be conducted without executing an Electronic Payment Service contract with the banks with which it is connected (Article 52-61-10(1) of the Banking Act). Pursuant to the Banking Act, banks have published connection standards detailing the matters and criteria required of Electronic Payment Service Providers, and cannot unfairly discriminate against any provider that meets those standards (Article 52-61-11(3) of the Banking Act). See the Sample Clauses for API Use Agreements pursuant to the Banking Act published by the Japanese Bankers Association for an example of an Electronic Payment Services agreement. Type 2 Financial Instruments Business (Type 2 Small Amount Electronic Public Offering Service) The above diagram shows a model where many and unspecified investors invest in the business operated by the business operator seeking funding as a fund through an online platform. Multiple fund types are possible, but in practice a silent partnership (Tokumei Kumiai) is the most common. The solicitation of financing from investors in the form of a fund is a type of self-offering of interests in a collective investment scheme, and in principle requires registration as a Type 2 Financial Instruments Business Operator (Article 2(8)(vii), Article 28(2)(i), and Article 29 of FIEA), but registration is not required if the solicitation is delegated in its entirety to a separate Type 2 Financial Instruments Business Operator. The operator of such a platform must be registered as a Type 2 Financial Instruments Business Operator. If operating the platform online, the operator is also subject to obligations regarding the implementation of a management system and the provision of information to customers, as electronic-based application type electronic public offering services (Article 70-2(2) and (3) of Business Order). It will also be required to comply Example Financing Structure – Fund-Type Crowdfunding d. 57
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