Japanese lender Toho Bank has joined IBM Japan-developed TSUBASA shared core banking system.

The regional lender joins several other banks on the system that enables them to improve efficiency by sharing system resources.

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The TSUBASA system support digital transformation by sharing business processing features with sub-systems. It includes deposits, currencies and loans as well as ATM, internet banking and data connecting features.

The move helps the member banks TO free up resources that can be utilised in other initiatives. It also allows the banks to share expertise and development initiatives to improve their overall efficiency.

Toho Bank senior managing director Minoru Sato said: “We are excited to collaborate with IBM Japan and the other Japanese banks as we take part in the TSUBASA core banking system.

“We anticipate that this consortium will help us make our IT environment more efficient while allowing us to develop advanced products and to speed up service provision.”

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Other lenders that are part of the initiative include Chiba, Daishi, Chugoku and North Pacific Banks.

IBM Japan global technology services general manager Kerry Purcell said: “In the fast-changing banking ecosystem, the call of the hour is to deliver tailor-made solutions that don’t just offer customer convenience but is also a sustainable exercise in the long-term.

“We are very happy to have Toho Bank join the TSUBASA core banking system on our shared mission to promote initiatives in digital transformation in the banking industry.”

Last month, Bank of China (BOC) and IBM joined forces to develop an innovation model for the financial industry.