Japan's top banks to create new interbank payment system to cut high cost of transfers

By Toko Sekiguchi ( August 7, 2020, 07:47 GMT | Insight) -- Japan’s major banks announced yesterday that they are creating a new system of interbank transfers for small-scale payments, in an attempt to cut away at Japan’s decades-old bank transfer fees that many believe are unjustified in the age of digital banking. The financial sector is under pressure to give payment apps and fintech startups access to its networks and Japanese banks have said they will consider opening up the new transfer system to non-bank apps and payment services in the future.Japan’s major banks announced yesterday that they are creating a new system of interbank transfers for small-scale payments, in an attempt to cut away at Japan’s decades-old bank transfer fees that many believe are unjustified in the age of digital banking....

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Japan's top banks to create new interbank payment system to cut high cost of transfers

Prepare for tomorrow’s regulatory change, today

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