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Domestic retail credit transfers clear through the Zengin System (operated by Zengin-Net), with large-value (JPY100m+) and net positions settled across BOJ-NET, the central bank RTGS system. The FXYCS handles yen FX-leg clearing and CLS provides PVP for FX. Zengin began 24/7 operation in 2018 and Zengin EDI (Dec 2018) added richer commercial data. Cross-border corridors run via correspondent banking/SWIFT; emerging links include a BOJ-HKMA cross-border DvP (2021) and an NTT Data MoU with NPCI International to accept India's UPI in Japan. Type I FTSPs can now transmit up to JPY50m per transaction via Zengin-net.
As a dated entry, NTT Data signed an MoU with NPCI International Payments Limited to enable acceptance of India's UPI real-time payment system for Indian tourists at merchants across Japan — an emerging-market rail link, currently at MoU stage and single-source.
Outlook
The core clearing and settlement architecture is established, with Type I FTSP Zengin-net access the principal access-widening feature. The UPI acceptance MoU is an early-stage corridor signal warranting monitoring for corroboration depth; emerging-market rail interoperability remains a thin, under-indexed surface for the jurisdiction.
no periodic updates on record for this sub-brief