Bank Of Japan Financial Network System
As the Japanese banks have become increasingly more important in international financial flows, their transfer systems also have grown in importance. The Bank of Japan Financial Network System (BOJ-NET) is a cash and securities wire transfer system for yen-denominated payments. The cash wire, an online funds transfer system for banks, is the Japanese counterpart of CHIPS. Financial institutions use BOJ-NET to provide net settlement services for the Japanese clearinghouse system that clears bills and checks. BOJ-NET also provides settlement for the Japanese electronic fund transfer (EFT) system called Zenguin. Institutions also can use BOJ-NET to settle yen payments that arise from cross-border transfers and foreign-exchange transactions.