Reimagining Japan’s payments future
At the SWIFT Payments Innovation Forum Japan 2019, we will explore the current opportunities and challenges faced by the Japanese payments industry to shape the future of banking.
Attendance is free of charge for members of the SWIFT community and is by invitation only.
Increasing speed, transparency and traceability in payments
Japan has a history of transformative innovation, going across all industries from manufacturing to information systems in financial technology. Four decades ago, Japan was the first country to offer electronic payments between banks to its citizens and businesses. However in recent years, changes have been incremental and mainly focusing on maintenance.
Today, this is changing as Japan and the world are looking at new technologies to reinvent the way payments are done, both domestically and cross-border.
Payments are changing. Domestically real-time payments are now a reality and are available at the click of a button, moving away from hard, tangible cash. Cross-border payments became much faster, more transparent and fully traceable.
In parallel, Japanese institutions are moving full speed towards open banking, and by 2020, over 110 Japanese banks will have opened up their systems.
These changes do not come without challenges, and faster payments require adequate systems to cope with the ever-changing risks of fraud and cybercrime. They also cannot happen without the use of common standards and future-proof platforms that allow for innovation.
We are confident this Payments Innovation Forum will offer the Japanese community an invaluable opportunity to share insights and prepare for the future.
Managing Director, APAC, SWIFT
Managing Director, Payments, Trade & Communications, Asia Pacific, SWIFT