The dawn of next-generation payment infrastructure: The future of Zengin and financial services in Japan

Eiichiro Yanagawa
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Eiichiro Yanagawa: Senior Analyst in the Asian Financial Services Group, Celent, The Imperial Hotel Tower 13F 1-1-1 Uchisaiwai-cho, Chiyoda-ku, Tokyo 100-0011, Japan

Journal of Payments Strategy & Systems, 2022, vol. 16, issue 4, 409-427

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 (search for similar items in EconPapers)
JEL-codes: E5 G2 (search for similar items in EconPapers)
Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:aza:jpss00:y:2022:v:16:i:4:p:409-427

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