Cross-border payments

On the payment front, under the leadership of G20, a global project is on-going in order to achieve faster and more seamless cross-border payment. At the same time, another global project is on-going to integrate ISO 20022 standards; implementation target is fall 2025. Each country has some uniqueness in terms of regulations, practices, and infrastructure, and Japan is no exception. We would hope the payment systems in Japan become more seamless and consistent with global systems. There is a variance in the pace of integrating ISO standards among banks.