Payment Systems Trends in Japan Financial Market Infrastructure Trends and Birth of the Next Generation BOJ-NET

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1 Payment Systems Trends in Japan Financial Market Infrastructure Trends and Birth of the Next Generation BOJ-NET May 2014 Eiichiro Yanagawa Senior Analyst, Asian Financial Services Group A recording of today s webinar and copy of the presentation will be available to Celent clients on our website at

2 About Celent Celent is an international research and consulting firm dedicated to helping financial institutions rapidly create new business and technology strategies Syndicated research on technology and business strategies in financial services Insurance Banking Securities and Investments Asian Financial Services Consulting and advisory services Vendor selection Technology roadmap Business innovation New market entry A part of Oliver Wyman Headquartered in Boston, with offices in New York, San Francisco, São Paulo, London, Madrid, Milan, Paris, Zurich, Beijing, Hong Kong, Seoul, Singapore, and Tokyo 1

3 Table of Contents 1 2 INTRODUCTION Payment Services and the Payment Systems PAYMENT SYSTEM TRENDS IN JAPAN Payment & Securities Settlement Systems ESTABLISHMENT OF THE NEW BOJ-NET 19 FINAL THOUGHTS 29

4 1 Introduction Payment Services and the Payment Systems

5 Securities settlement systems Payment systems Payment System Overview Trading / Instruction / Confirmation Clearing Settlement Payment instructions sent, received Private bank Short-term financial market Forex market Calculation of clearing balance Clearing center Interbank network Bill and check clearing sites Funds delivered Central bank Securities trading Securities exchange Over-the-counter market Electronic communications network Confirmation between operators Verification institution Finalize delivery funds and/or securities CCP Securities delivered CSD Source: BIS, Bank of Japan, Celent 4

6 Payments Value Chain Payment instrument provision Payment instrument provision Transactions Post-transaction activities Payment instrument development Attracting payers and payees Setting up payment services Funding Scheme development Scheme membership Features and pricing Branding decisions Access channel development Marketing and promotion Sales Physical payment instrument procurement and distribution Account set-up Acceptance, access channel enablement Ensuring funds are available to transact: - Credit decision and provisioning - Bank account transfers or prepay funding Source: Celent 5

7 Payment Instrument Classifications PAYMENT INSTRUMENT CATEGORIES REAL TIME DEFERRED PREPAID DESCRIPTION Securing access to a money supply account for payment purposes and transferring Credit line provided for deferred payment. Pay cash, etc., in advance to prepare a non-money supply account reserve usable funds EXAMPLE Debit card Credit card Prepaid card, e-money, etc. PAYMENT INITIATION PAYMENT MEDIUM SETTLEMENT TIMING NETTING CLEARING CYCLE Push (payer) / Pull (payee) Paper / Electronic / Card Real time / Deferred Gross / Net T+0 / T+1 / T+2 or later Source: Celent 6

8 Payments Value Chain Transactions Payment instrument provision Transactions Post-transaction activities Trading, instruction and confirmation Authentication identity verification of the involved parties Validation of payment instrument Authorization of the transfer of funds by the payer and payer s financial institution Creation and transmission of payment instruction Clearing Exchange of payment instrument and/or of relevant payment information - Matching and sorting of transactions - Data collection and aggregation Calculation of gross or net claim Settlement Discharge of a valid payment claim - Collection and integrity check of the claims to be settled - Ensuring the availability of funds for settlement - Settling the claims between financial institutions Logging and communication of settlement information with all parties Source: Celent 7

9 Payments Value Chain Post-Transaction Activities and Services Payment instrument provision Transactions Post-transaction activities Link to money supply Fraud and dispute management Customer servicing and reporting Account reconciliation Payment instrument management Collection from payer (if credit) Payee cashes out Card chargeback processing Non-sufficient funds (NSF) processing for checks Query management Reporting Reconciliation of payments with invoices and other claims Cash collection, transportation, recycling Transportation and archiving of paper instruments Source: Celent 8

10 Payment Taxonomy Areas of Focus in the Payments Ecosystem Country Z Country B Country A A Domestic and international trade Business Goods and services Cash Money-supply account-based instruments Cards Online payments Mobile payments Payroll Expenses Refunds Claims Individuals Remittances Gifts Social payments Subsidies B Investments Loans Bank Interbank network Investments Loans C Bank Benefits D FMI: Financial Market Infrastructures Government / Central bank Taxes Services Source: Celent 9

11 Vertical payment services hub High-core engine Low-core engine Core banking Cards processing Payment Services Hubs Online (retail) Online (corporate) Host-to -host ATM Treasury (bank) 1 Channel integration hub 3 Payment processing platforms Payment orchestration layer 4 2 Clearing and settlement mechanism (CSM) integration hub RTGS ACH SWIFT Card networks STEP2 Source: Celent 10

12 Research Approach Focuses on Area D (in Light Blue) Country Z Country B Country A A Domestic and international trade Business Goods and services Cash Money-supply account-based instruments Cards Online payments Mobile payments Payroll Expenses Refunds Claims Individuals Remittances Gifts Social payments Subsidies B Investments Loans Bank Interbank network Investments Loans C Bank Benefits Government / D Central bank Taxes FMI: Services Financial Market Infrastructures Source: Celent 11

13 2 Payment System Trends in Japan Payment & Securities Settlement Systems

14 Securities Settlement Systems Payment Systems Overview of Japan s Payment Systems Trading / Instruction / Confirmation Clearing Settlement BOJ Payments to the Government Bill Payments Debit Cards Fund Transfers CD/ATM Direct Debits Multi- Payment Network Clearing Center CD/ATM Online Networks* Zengin System Financial Treasury Funds Services Credit Cards Institutions Bills/Checks Money Market FX Market Financial Derivatives Market Stocks Mutual fund Bonds CP JGB Money Market Trade Confirmation System SWIFT TSE Stock Exchanges Pre- Settlement Matching System (Japan Securities Depository Center) Bill and Check Clearing Systems Tokyo Financial Exchange Osaka Securities Exchange Japan Securities Clearing Corporation JASDEC DVP Clearing Corporation JGB Clearing Corporation CLS FXYCS JASDEC Book-Entry for Stocks for Mutual fund for Bonds for CP DVP BOJ-NET Funds Transfer System (BOJ-NET FTS) DVP JGB Registration/ Book-Entry System (BOJ-NET JGB Services) Source: BIS, Bank of Japan, Celent 13

15 Overview of Japan s Payment Systems Scale of Japan s Primary Payment Systems VALUE Y/Y TRANSACTIONS Y/Y PAYMENT SYSTEM SECURITIES SETTLEMENT SYSTEMS (TRILLIONS OF YEN) (%) (THOUSANDS) BOJ-NET Funds Transfer System (BOJ-NET FTS) CLS (Continuous Linked Settlement) Yen Clearing (*2) Foreign Exchange Yen Clearing System (FXYCS) Zengin Net Domestic Funds Transfer System (Zengin Net) , Bill and Checks Clearing System / Tokyo Clearing House (*3) Japanese Government Bonds Settlement (BOJ-NET JGB) Japan Government Bond Clearing Corporation (JGBCC) (*3) (%) Japan Securities Clearing Corporation (JSCC) (*3) JASDEC DVP Clearing Corporation (JDCC) (*3) Japan Securities Depository Center (JASDEC) (*4) Mutual funds transfer system Corporate bonds transfer system Short-term corporate bonds transfer system fiscal business day average, *2: 2011 business day average, *3: Cleared transaction volume (volume of debt underwritten), *4: Total of underwriting, transfer, redemption, buy-back, setting, cancellation, redemption, and issuance Source: Source: Bank of Japan, Japan Securities Depository Center, Japan Government Bond Clearing Corporation, Celent 14

16 Payment Systems BOJ-NET Funds Transfer System (BOJ-NET FTS) 140 (Trillions of yen) CAGR: Compound Annual Growth Rate (10,000 transactions) CAGR2.5% 金 額 Value ( 左 (left 軸 ) vertical axis) 件 数 Transaction ( 右 軸 ) number (right vertical axis) Source: Bank of Japan, Celent (one business day average) 15

17 Payment Systems Clearing Systems Foreign Exchange Yen Clearing System (FXYCS) and CLS(Continuous Linked Settlement) Zengin Net Domestic Funds Transfer System (Zengin Net) (Trillions of yen) 50.0 CAGR17.1% CAGR-7.7% 外 Foreign 為 円 決 済 exchange 交 換 高 yen CLS( 円 取 引 分 ) clearing volume (yen value transacted) (Trillions of yen) 12 (Thousands of transactions) 金 Value 額 ( 左 軸 ) 件 数 ( 右 軸 ) (left vertical axis) CAGR0.5% Transaction number (right vertical axis) 6,000 5,800 5,600 5,400 5,200 5,000 4,800 4,600 4,400 Bill and Checks Clearing System / Tokyo Clearing House 3 (Trillions of yen) CAGR-7.2% (Thousands of transactions) Source: Bank of Japan, Celent (one business day average) Value (left vertical axis) Transaction number (right vertical axis) 金 額 ( 左 軸 ) 枚 数 ( 右 軸 ) 0 16

18 Securities Settlement Systems Japanese Government Bonds Settlement (BOJ-NET JGB) 100 (Trillions of yen) CAGR5.4% (Thousands of transactions) 金 Value 額 ( 左 (left 軸 vertical ) axis) 件 数 ( 右 軸 ) Transaction number (right vertical axis) Source: Bank of Japan, Celent (one business day average) 17

19 Securities Settlement Systems Clearing / Settlement Organizations Japan Government Bond Clearing Corporation (JGBCC) Japan Securities Clearing Corporation (JSCC) 50 (Trillions of yen) CAGR1.2% 4 (Trillions of yen) CAGR-13.5% 清 Clearing-related 算 対 象 取 引 高 trading ( 債 務 volume 引 受 高 ) 清 Post-settlement 算 後 決 済 高 ( value 決 済 金 額 ) (Value underwritten) (Settlement value) Clearing-related trading volume Post-settlement value 清 算 対 象 取 引 高 ( 債 務 引 受 高 ) 清 算 後 決 済 高 ( 決 済 金 額 ) (Value underwritten) (Settlement value) JASDEC DVP Clearing Corporation (JDCC) (Trillions of yen) 2 1 CAGR-13.6% Japan Securities Depository Center (JASDEC) (Trillions of yen) CAGR-1.4% 清 Clearing-related 算 対 象 取 引 高 trading ( 債 務 volume 引 受 高 ) 清 Post-settlement 算 後 決 済 高 ( value 決 済 金 額 ) (Value underwritten) (Settlement value) 短 期 Short-term 社 債 決 済 一 般 Corporate 債 決 済 投 資 Mutual 信 託 funds 決 済 corporate bond bond Source: Bank of Japan, Celent (One-way base, one business day average) 18

20 3 Establishment of the New BOJ-NET

21 BOJ-NET Operational Overview BOJ-NET Operations TYPE OPERATION START CURRENT ACCOUNTS Current accounts transactions 1988 Reserve fund 1988 The Foreign Exchange Yen Clearing System (FXYCS) 1989 Delivery-versus-payment (DVP) adopted for corporate bonds settlement 1998 Cash transactions 2003 Current accounts transfer notification 2003 JGBs JGB registration 1990 Book-entry transfer for JGBs 1990 JGB issuance 1990 DVP adopted for JGBs settlement 1994 OTHER BOJ purchase/sale of JGBs 1991 BOJ notification of purchase/sale of JGBs 1999 Collateral services 2001 Simultaneous processing of DVP and collateralization 2001 Electronic loan transactions 2001 Bill purchasing transactions 2001 Source: Bank of Japan, Celent 20

22 BOJ-NET Operational Overview Networks Linking of Payment and Settlement Systems Payment Systems and BOJ-NET 米 国 の 最 良 執 行 規 制 (RNMS) FX Market Financial futures market SWIFT Money market CLS TFX FXYCS BOJ-NET Funds Transfer System -TFX Bills/Checks BCCS -FXYCS Fund transfer Zengin System -BCCS -Zengin CD/ATM Direct debit/ bill payments Credit card Debit card Financial Institutions CD/ATM networks Clearing center Postal savings network Government payments Treasury funds operation Source: Bank of Japan, Celent TFX: Tokyo Financial Exchange FXYCS: Foreign Exchange Yen Clearing System BCCS: Bill and Check Clearing Systems TR: transactions JPY: Japanese Yen 21

23 BOJ-NET Operational Overview Networks Linking of Payment and Settlement Systems Securities Settlement Systems and BOJ-NET 米 国 の 最 良 執 行 規 制 (RNMS) JGB Market Japan Government Bond Clearing Corporation (JGBCC) BOJ-NET JGB Services JGB Book-Entry/ JGB Registration System DVP Bonds Market Book-Entry for Bonds (JASDEC) DVP BOJ-NET Funds Transfer System Mutual Funds Market Book-Entry for Mutual Funds (JASDEC) DVP -JGBCC -Bonds -Mutual Funds CP Market Book-Entry for CP (JASDEC) DVP -CP -Stocks/ Futures Stock/ Futures Market Stock Exchanges Off- Exchange TR JSCC JDCC Book-Entry for Stocks (JASDEC) DVP Source: Bank of Japan, Celent JASDEC: Japan Securities Depository Center JSCC: Japan Securities Clearing Corporation JDCC: JASDEC DVP Clearing Corporation TR: transactions JPY: Japanese Yen 22

24 BOJ-NET Operational Overview Financial Institution Use of BOJ-NET (End of March 2013) TYPE NUMBER CURRENT ACCOUNTS FEYCS(#2) CITY BANKS REGIONAL BANKS REGIONAL BANKS II TRUST BANKS FOREIGN BANKS SHINKIN BANKS SECURITIES COMPANIES INSURERS OTHERS (#1) TOTAL JGB OTHERS: Credit cooperatives, Securities finance companies, Financial instruments clearing organization, Money Market Dealer, etc., NUMBER: Total BOJ-NET FTS, CURRENT ACCOUNTS: BOJ-NET Current Accounts System, FXYCS: Foreign Exchange Yen Clearing System, JGB: BOJ-NET JGB System Source: Bank of Japan, Celent 23

25 Building a New BOJ-NET System Events Leading Up to New BOJ-NET YEAR HISTORY 1988 Operation of BOJ-NET FTS (current accounts services) launched, terminal system started 1989 FXYCS launched being settled over BOJ-NET, computer connection system launched 1990 The BOJ-NET JGB system launched 1994 DVP approach adopted for JGB settlements 1999 BOJ notification of purchase/sale of JGBs 1996 Osaka back-up center starts operation 2001 Current accounts settlement, JGB settlements shifted to RTGS basis 2001 Bilateral basis electronic loans 2002 Conditional JGB purchase and sale via JGB operations 2003 JGB purchase and sale via JGB operations 2005 TCP/IP computer connection adopted 2006 BOJ-NET terminal computer online enabled, bidding-type electronic loan 2008 Introduction of liquidity-saving features into BOJ-NET and complete shifting of FXYCS payments to RTGS 2011 Shifting of large-value payments to RTGS Source: Bank of Japan, Celent 24

26 Building a New BOJ-NET System New BOJ-NET Architecture BOJ-NET Architecture (Current) New BOJ-NET Architecture User host system User terminal system User host system User terminal system Network Network Network Channel layers Channel system X Channel system Y Host connection Virtual terminals Terminal system Virtual terminals Service platform layer Message transfer Service linkage Product layer Main system Service A1-3 Service B1-3 Sub-system A Sub-system B Source: Bank of Japan, Celent 25

27 Building a New BOJ-NET System New BOJ-NET Technology ITEM CURRENT NEW ARCHITECTURE Single structure, tightly Multilayered, loosely coupled coupled BUSINESS APPLICATION Program language PL/I Java Application framework No Yes Database Hierarchical Relational TRANSMISSION Transmission protocol / Proprietary TCP/IP Communication protocol Communication middleware Proprietary Message queuing Message format Proprietary XML SYSTEM COLLABORATION PLATFORM System collaboration platform No Service bus ESB No Yes SYSTEM PLATFORM Platform Mainframe Mainframe Redundant configuration Duplicate standby Parallel configuration Back-up site link Log transfer, file transfer Disk mirroring Source: Bank of Japan, Celent 26

28 Building a New BOJ-NET System New BOJ-NET Schedule Phase 1 Development Comprehensive testing FY2010 FY2011 FY2012 FY2013 FY2014 FY Phase 2 Development Online connection testing Comprehensive testing Phase 1 goes live Phase 2 goes live Source: Bank of Japan, Celent 27

29 Building a New BOJ-NET System New BOJ-NET Deal Schedule Phase 1 Development Comprehensive testing Vendor product development Vendor proposals User connection testing FY2010 FY2011 FY2012 FY2013 FY2014 FY Phase 2 Development Online connection testing Comprehensive testing Vendor product development Vendor proposals User connection testing Phase 1 goes live Phase 2 goes live Source: Celent 28

30 4 Final Thoughts

31 From A Global Survey Transaction banking: A post-financial crisis focus for banks The global financial crisis (GFC) has created new opportunities for banks, as corporates have changed behavior and are increasingly focused on risk and liquidity management. In terms of revenue growth, transaction banking has outperformed investment and commercial banking in the post-financial crisis period. Transaction banking is an attractive business for banks because it presents a large revenue pool, stable revenue flow, and low risk; and creates stickier client relationships than any other product group. Bank intermediated trade-related transactions, for example have increased from 35% of all trade in 2007 to a projected 45% in These attractions have created intense competition in transaction banking services, among regional and local banks as well as the global incumbents. This is leading banks to: Enhance product and service menus. Automate processes. Increase straight through processing (STP). Build regional and global operational and technology platforms to support the business. Bank Intermediated Transactions as a Percentage of Total Transactions 60% 50% 40% 30% 20% 10% 0% 35% Source: Celent estimate 37% 39% 40% 42% 45% e 2015e 30

32 Asia and the US are often the primary focus for transaction banking business for global banks Over the next several years, the US and Asia will be the primary focus for transaction banking. The US is important not only due to its size but also as a means of winning business with US-based multi-national corporations (MNCs). The high level of intraregional trade in Asia, where global banks may not have a granular presence, is providing opportunities for regional and local banks, driving them to enhance their transaction banking capabilities. What will be your major regions for transaction banking in 2-3 years? Asia US Western Europe Middle East Latin America Eastern Europe Africa 8% 8% 17% 21% Source: Celent Transaction Banking Survey 25% 50% 50% 0% 10% 20% 30% 40% 50% 60% Intraregional Trade Flow as a Percentage of Total Trade 60% 50% 51.6% 40% 30% 20% 17.9% 17.5% 10% 0% Asia Europe North America Source: WTO, Celent 4.6% 2.8% 2.7% 1.6% Middle East Africa South / Central America CIS 31

33 Transaction banking is typically run on a regional or local basis Banks are working to expand their regional or global capabilities Building seamless global capabilities in transaction banking is a priority for a growing number of banks, but few banks have achieved globally integrated operations. Four-fifths of respondents to the Celent survey run their transaction banking on a regional or local basis. Even some global banks operate regionally or even country-by-country. About one-fifth of respondents say they have achieved a globally integrated operational platform capable of delivering follow-the-sun operations. Typically it is the large global banks that have built out these platforms. Some large regional banks aspiring to a global business have also achieved a global platform or are in the process of building out this capability. How are back office operations for your transaction banking business organized? 21% 36% Source: Celent Transaction Banking Survey 43% Separate business processing for each country Back office processing is consolidated by region Follow-the-sun operations 32

34 The Impact of Vertical integration on Enterprise Software Vendors Business From On-Premise Software to Integrated Cloud Services Vertical Integration on Products Horizontal Specialization (Current Model) Vertical Integration on Cloud Products Vendor Bank Cloud Vendor Integrated Products Services On-premise Cloud Services Vertical integration Maintenance Operation purchase Maintenance Operation SI-controlled SI usage Vertical integration Maintenance Operation Systems Integration Systems Integration Software Software Software Hardware Hardware Hardware Vendor DC Bank DC Vendor DC Yesterday Open system: Horizontal division / specialization with Systems Integrator combines hardware and software Today Integrated services: Products vendor and / or Cloud Services are vertically integrated at all. - Pros: Efficiency / Cost reduction, Consistency / Robustness - Cons: Vendor lock-in, SI & Operators shakeout Source:Celent 33

35 Final Thoughts Review the customer support from architecture: Service Innovation by Outsourcing Internal Processes Current Next Generation Customer Customer Internal process Front end Front end Internal process Segmentation, Customization Back end Back end Standardization External process External process Source: Celent 34

36 Thank you! My contact information: Eiichiro Yanagawa My business development colleague: Yuya Fukumori A recording of today's webinar and copy of the presentation will be available to Celent clients on our website after the event at 35

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