Currency: Japanese Yen (JPY)
RTGS: BOJ-Net, Zengin Net (domestic), Zengin EDI (ZEDI) (domestic)
Message format currently in use: ISO 20022, the Bank of Japan launched on 13thOctober 2015, the new BOJ-NET which includes the adoption of XML ISO20022 for greater interoperability.
ISO migration planned? Timeline: Live, since 2015
Governing body of the migration: Bank of Japan (BOJ-Net), Japanese Bankers Association (Zengin Net)
Coexistence vs big Bang approach: N/A
Like-for-like vs Enhanced context: Enhanced content
Before the ISO20022 migration these payments and settlement systems had a dual existence, where the Zengin executed law-value payments (up to 100 million JPY) and the BOJ-Net executed the high value payments (as of 100 million JPY). The first encounter with XML ISO20022 standards was in 2011 when the Japanese Bankers Association revamped their existing low-value payment system Zengin. The migration approach was a like-for-like implementation. However, in October 2015, the Bank of Japan launched a big bang implementation to integrate the XML ISO20022 standards in their BOJ-Net RTGS system. In 2018 further developments and XML enhancements were made to the B2B payments that used EDI within the Zengin system, creating the Zengin EDI (ZEDI) system which adopted the ISO20022 standards.
The implementation of ISO20022 standards in the RTGS BOJ-Net improved the interoperability of the system, creating more opportunities with richer remittance data possibilities for international payments, securities and FX.