Innovation in Retail Payment Services in Major Economies

Retai Payment Systems Group, Payment and Settlement Systems Department
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Retai Payment Systems Group, Payment and Settlement Systems Department: Bank of Japan

Bank of Japan Review Series from Bank of Japan

Abstract: Major economies have embarked on various innovative means for enhancing retail payment services. These include such measures as real-time settlement of bank transfers and linking remittance information with payment information for financial electronic data interchange (EDI). In Japan, meanwhile, the government released the revised Japan Revitalization Strategy in June 2014, which includes enhancement of the payment and settlement system to make financial markets more efficient. When introducing such measures, it is important to take stock of recent developments in major economies, and to improve real-time bank transfers and achieve financial EDI while considering the situation in Japan. The Bank of Japan will help financial institutions and other stakeholders steer such initiatives to enhance retail payment services, and will collaborate with the Japanese government.

Keywords: retail payment; financial EDI; ISO20022 (search for similar items in EconPapers)
Date: 2014-11-05
New Economics Papers: this item is included in nep-ban
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