ORIX Launches "PATPOST" Electronic Storage Service for Business Documents

TOKYO, Japan - May 16, 2023 - ORIX Corporation (“ORIX”) today announced that it has launched PATPOST, an electronic storage service for business documents that meets the requirements of the revised Electronic Books Preservation Act.

PATPOST is an electronic storage service that uses proprietary AI-OCR^*1 technology to convert the text in images into text data with high accuracy and store documents in cloud storage. In addition to the storage feature, the system can also automatically convert information such as business partners, transaction amounts, transaction dates, and other items into digital data simply by uploading various business documents such as invoices, quotations, and receipts onto the system. The system enables seamless sharing and management of information not only within the company, but also with tax accountants.
With monthly fees starting at 980 yen^*2 per ID, the service significantly reduces the workload of managing documents that were previously dispersed across accounting and expense reimbursement software, and reduces the time required for sorting and storing documents to one-tenth^*3 the amount required to comply with the revised Electronic Books Preservation Act.

With the new invoice system for the consumption tax to be enforced in October 2023 and the revised Electronic Books Preservation Act^*4 to be mandated in January 2024, all companies, including small and medium-sized enterprises, are required to quickly respond to the need to digitize their documents. PATPOST meets the system requirements designated by the National Tax Agency required to comply with these regulations, and in the future, ORIX plans to develop API integration with external services such as the National Tax Agency’s databases.

ORIX will contribute to solving various issues faced by companies by identifying social needs in the digital business domain in advance, including the promotion of DX and IT among businesses.

*1 Optical Character Recognition: A technology that takes printed or handwritten characters as image data and converts them into editable text data.
*2 Available for annual contracts starting at 3 IDs (2-month free trial available for the first year). Tax accountants can use up to 3 IDs free of charge.
*3 Based on our estimate.
*4 A law that eases the requirements for electronic storage of national tax-related bookkeeping documents and at the same time makes it mandatory to electronically store invoices, receipts, etc. that were electronically exchanged and meet certain requirements.

Contact Information:
Investor Relations and Sustainability Department
ORIX Corporation
Tel: +81-3-3435-3121

About ORIX:
ORIX Corporation (TSE: 8591; NYSE: IX) is a financial services group which provides innovative products and services to its customers by constantly pursuing new businesses.
Established in 1964, from its start in the leasing business, ORIX has advanced into neighboring fields and at present has expanded into lending, investment, life insurance, banking, asset management, automobile related, real estate and environment and energy related businesses. Since entering Hong Kong in 1971, ORIX has spread its businesses globally by establishing locations in 28 countries and regions across the world.
Going forward, ORIX intends to utilize its strengths and expertise, which generate new value, to establish an independent ORIX business model that continues to evolve perpetually. In this way, ORIX will engage in business activities that instill vitality in its companies and workforce, and thereby contribute to society. For more details, please visit our website: https://www.orix.co.jp/grp/en/
(As of March 31, 2023)

Caution Concerning Forward Looking Statements:
These documents may contain forward-looking statements about expected future events and financial results that involve risks and uncertainties. Such statements are based on our current expectations and are subject to uncertainties and risks that could cause actual results that differ materially from those described in the forward-looking statements. Factors that could cause such a difference include, but are not limited to, those described under “Risk Factors” in the Company’s annual report on Form 20-F filed with the United States Securities and Exchange Commission and under “(4) Risk Factors” of the “1. Summary of Consolidated Financial Results” of the “Consolidated Financial Results April 1, 2022 – March 31, 2023” furnished on Form 6-K.