Japan Post to link with Bank of Japan settlement system
TOKYO (AFX-ASIA) – The Posts Ministry and the Bank of Japan have reached a basic agreement to allow a national postal corporation that will be set up in 2003 to participate in the BoJ’s online account settlement system for private financial institutions, the Nihon Keizai Shimbun reported, without citing sources.
The move will enable the nation’s post offices to engage in fund transactions with private banks via the Bank of Japan Financial Network System (BOJ-Net), it said.
It will also pave the way for depositors at post offices to transfer money and withdraw cash at most private financial institutions, it said.
