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.