Japan's large banks to look at building settlement system for small payments

Resona Holdings

06/08/2020 10:03

TOKYO, Aug 6 (Reuters) - Japan's three biggest banks and two
smaller banks are starting talks on building a common settlement
infrastructure for small payments, with the aim of cutting
interbank fees, they announced on Thursday.
    The government called last month for a review of bank
transfer fees, unchanged for more than four decades, in a
broader push to improve digital payment systems.  urn:newsml:reuters.com:*:nL3N2EO261
 urn:newsml:reuters.com:*:nL4N2EA2EG
    While everyday transactions in Japan are usually completed
in notes and coins, authorities have been keen to promote
cashless transactions to raise productivity and curb
transmission of the coronavirus.
    The core banks of Mitsubishi UFJ Financial Group Inc
 8306.T , Mizuho Financial Group Inc  8411.T  and Sumitomo
Mitsui Financial Group Inc  8316.T  and two banks owned by
Resona Holdings  8308.T  will participate in the talks.
    In June, the three megabanks set up a separate study group
with non-financial firms to look at ways to build a common
settlement infrastructure for digital payments.  urn:newsml:reuters.com:*:nL4N2DG17J

 (Reporting by Takaya Yamaguchi; Writing by Daniel Leussink;
Editing by Clarence Fernandez)
 ((daniel.leussink@thomsonreuters.com; Twitter: @danielleussink;
+81-3-4563-2747;))