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The dawn of next-generation payment infrastructure: The future of Zengin and financial services in Japan
Journal of Payments Strategy & Systems,
16
(4),
409-427
(2022)
Abstract
Countries and regions around the world are accelerating their efforts to evolve and advance financial market infrastructure. Against this backdrop, it is incumbent on Japan’s Zengin System to move beyond simply offering a 24/7 real-time payment infrastructure. Instead, through providing value-added services and connecting non-banks (payment service providers) and their diverse service offerings, the focus should be on evolving a next-generation payment system and fostering an arena for financial service innovation in nextgeneration financial services. This paper investigates the initiatives and challenges for upgrading financial market infrastructure in Japan; how the framework for Japan’s next-generation payment infrastructure has evolved; and how to tackle the future vision for financial services.
Keywords: payment infrastructure; Zengin System; financial electronic data interchange (EDI); expanded hours of operation; API; faster payments; highfrequency and low-value payments; Cotra Project; funds transfer service providers
The full article is available to subscribers to the journal.
Author's Biography
Eiichiro Yanagawa is a Senior Analyst in the Asian Financial Services group at Celent and is based in the firm’s Tokyo office. His research focuses on information technology (IT) strategy issues in the Japanese and Asian banking and financial industries. His recent research has included core banking systems, ATMs, anti-money laundering technology, electronic trading, IT spending trends and business process outsourcing. He earned his MBA at Hitotsubashi University Graduate School of Commerce and Management.
