Fund transfer service provider is a business corporation other than banks that provide remittance services to its customers under the 'Act on Settlement of Funds' that went into effect in April 2010. Fund transfer service providers must be registered with the Finance Service Agency through legislative procedure set by the Ministry of Finance of Japan.
enRemit remittance service is different from those services provided by banks as follows:
(1) enRemit remittance service is provided by a Fund Transfer Service Provider not a bank.
(2) enRemit does not offer deposit, saving or fixed term time deposit services.
(3) enRemit is not subject to the payment of deposit insurance as stipulated in the Deposit Insurance Act Article 53 or Agricultural and Fishery Cooperative Savings Insurance Act Article 55.
(4) To protect its customers in accordance with Article 44 of 'Act on Settlement of Funds', enRemit deposits the equivalent amount deposited by its customers into a Performance Security Deposit at Tokyo Legal Affairs Bureau until the remittance transaction is completed.
