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Japan's bank transfer system to open access to fintech companies

Adding new players likely to push fees lower

The Japanese Bankers Association will open up access to the bank transfer system to fintech companies, possibly as early as fiscal 2021.

TOKYO -- The Japanese Bankers Association plans to open up the bank transfer system to fintech companies, potentially leading to lower transaction fees, Nikkei has learned.

Money transfers and payments between banks are processed through a system operated by the JBA. The system is a key financial network that processes about 6.5 million payments a day. Almost all banks and credit unions take part in the system, whose security is ensured by limiting access to deposit-taking financial institutions operating under strict regulations.

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