TOKYO -- Ito-Yokado Co. Ltd., owner of Japan's online IYBank, will install IYBank ATMs at its affiliated Denny's Japan Co.'s restaurant outlets, according to a report in the Asian Banker Interactive. It will be the first time in Japan that ATMs are installed in restaurants.
While the Asian Banker report doesn't specify the number of ATMs that will be deployed, Ito-Yokado operates about 535 Denny's outlets in Japan.
Ito-Yokado launched IYBank in May with 64 ATMs at supermarkets and stores operated by business partner Seven-Eleven Japan Co. Ltd., Japan's largest convenience store chain. According to reports in the Japanese press, IYBank plans to expand its ATM network to 3,650 machines in its first year and to more than 7,000 over five years.
In addition to Seven-Eleven stores and Denny's restaurants, Ito-Yokado operates other discount and specialty stores in Japan. Ito-Yokado owns a 51 percent stake in IYBank, with Seven-Eleven owning the rest.
Under agreements IYBank has with four traditional banks, Sanwa Bank, Asahi Bank, Shizuoka Bank and Chiba Bank, customers of those banks can access their accounts through IYBank ATMs. In return, IYBank receives interchange fees.
