First foreign firm gains direct access to Japan payment clearing network

Move by U.K. fintech Wise could pressure Japanese megabanks in competitive market

20241017N Yen notes

Wise says access to the "Zengin" system will allow it to bypass intermediary banks, lowering fees and processing times. © Reuters

TOKYO (Reuters) -- British fintech firm Wise has won approval for direct access to Japan's bank payment clearing network, becoming the first foreign financial company to do so, it said on Thursday.

The move could put pressure on banks including megabanks such as Mitsubishi and smaller players such as SBI Shinsei and Sony Bank in the competitive market for remittances.

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