Japan Zengin Interbank System to Postpone Revamp to May 2028

   Tokyo, Oct. 17 (Jiji Press)--Japanese Banks' Payment Clearing Network, or Zengin-Net, said Thursday that it will postpone the planned revamp of its Zengin interbank financial settlement network system by six months to May 2028.
   The renewal, previously scheduled for November 2027, was moved back because Zengin-Net will give greater priority to preventing a recurrence of a massive system failure in autumn last year.
   As a safety measure, the existing system will be operated in parallel for the time being even after the renewal.
   The Zengin system is the core of the country's financial settlement infrastructure, which processes an average of 8.33 million transactions per day, worth about 14 trillion yen. As of July this year, 1,100 financial institutions were connected to it.
   In October 2023, the failure occurred during renewal work, triggering its first large-scale service disruption since the system was launched in 1973. In the incident, 5.6 million transactions were affected over two days, including delays in fund transfers to other banks.

(2024/10/17-22:17)

To read a full story, please click here to find out how to subscribe.