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Payment Systems in EMEAP Economies

July 17, 2002
EMEAP

(Notice)

EMEAP has today issued a new edition of "Payment Systems in EMEAP Economies", widely known as "EMEAP Red Book". It is available from the EMEAP's website (http://www.emeap.org/(Link to an external website)). It includes a part describing the payment systems in Japan.

In May 2003, BIS has issued a new edition of "Payment and Settlement Systems in Selected Countries", widely known as "Red Book". As it includes a part describing the payment systems in Japan, please also refer to this Red Book for the overview of payment systems in Japan. It is available from the BIS's website (http://www.bis.org/(Link to an external website)).

PRESS RELEASE

The EMEAP* Working Group on Payment and Settlement Systems today released Payment Systems in EMEAP Economies, or EMEAP Red Book. The EMEAP Red Book is available on the EMEAP website (www.emeap.org(Link to an external website)). Individual country chapters of the EMEAP Red Book will be also available shortly on the websites of some member central banks and monetary authorities.

  • Executives' Meeting of East Asia-Pacific Central Banks and Monetary Authorities is a cooperative organization of eleven central banks and monetary authorities in the East Asia and Pacific region. It comprises the following central banks and monetary authorities: Reserve Bank of Australia, People's Bank of China, Hong Kong Monetary Authority, Bank Indonesia, Bank of Japan, Bank of Korea, Bank Negara Malaysia, Reserve Bank of New Zealand, Bangko Sentral ng Pilipinas, Monetary Authority of Singapore and Bank of Thailand.

EMEAP Red Book is an accomplishment of collective study over the past years by the EMEAP Working Group on Payment and Settlement Systems. The Working Group has exchanged information and discussed payment and settlement system updates in member economies at its regular meetings. As part of its activities, it also conducted an internal survey on the structure of interbank payment systems. Through the exchange of information and also based on the survey results, the Working Group recognized the need for providing up-to-date information and promoting further understanding of payment and settlement systems in the EMEAP region. Thus, the Working Group has decided to revise the Red Book, first published in November 1997 and publish a second edition. While the first edition covers financial market structures as well, the second edition focuses solely on payment and settlement systems.

Payment infrastructures in EMEAP economies have changed significantly since the publication of the first edition of the Red Book. For example, real-time gross settlement (RTGS) systems have been launched in almost all member economies, and new payment instruments such as electronic money have been developed in some economies. And, the legal and regulatory framework for payment and settlement systems have changed in some economies, including amendment of respective central bank acts and the enactment of new legislation covering payment systems.

The second edition of the EMEAP Red Book adopts a format similar to that of Red Book publications by the Bank for International Settlements and the European Central Bank, thereby facilitating cross reference with such publications.