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

Author

Listed:
  • Yanagawa, Eiichiro

    (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)

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.

Suggested Citation

  • Yanagawa, Eiichiro, 2022. "The dawn of next-generation payment infrastructure: The future of Zengin and financial services in Japan," Journal of Payments Strategy & Systems, Henry Stewart Publications, vol. 16(4), pages 409-427, December.
    • Handle: RePEc:aza:jpss00:y:2022:v:16:i:4:p:409-427
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    More about this item

    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;
    All these keywords.

    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit

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