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Japan banks to lay groundwork for 24-hour fund transfers

Japanese banks are scrambling to make wiring services faster, cheaper and more accessible.

TOKYO -- A number of Japanese banks plan to build a system that offers cheap, round-the-clock fund transfer services by taking advantage of innovations in financial technology.

The alliance is expected to initially draw about 15 members, including Bank of Yokohama and SBI Sumishin Net Bank. These will consist of both large and small conventional banks, as well as online banks. A study group on making the system commercially feasible will be formed in October.

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