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Launch Date of Phase 1 of the RTGS-XG Project

September 30, 2008
Bank of Japan

Today, the Bank of Japan has made the decision to "go live" on Tuesday, October 14, 2008, as scheduled, with Phase 1 of the next-generation RTGS (RTGS-XG) project of the BOJ-NET Funds Transfer System.1,2 After successful completion of the running tests since the second quarter of this year, the Bank has acknowledged the readiness of the Bank and participating financial institutions in terms of systems, operations, and market practices.

The system migration is scheduled for the weekend of October 11-12. On Saturday, October 11, the Bank will make the necessary changes to its own systems and perform a test run. On Sunday, October 12, the Bank will conduct connectivity tests with participating financial institutions. Following successful completion of these arrangements, the Bank will make an announcement to confirm the implementation of the RTGS-XG project on the Bank's web site3 no later than 22:00 on October 12 (Japan Standard Time).

  1. Phase 1 of the RTGS-XG project consists of two components. First, liquidity-saving features will be introduced in the BOJ-NET Funds Transfer System, an RTGS system operated by the Bank. Second, the enhanced RTGS system will incorporate payments that are currently settled through the Foreign Exchange Yen Clearing System on a deferred net basis.
  2. Monday, October 13, 2008, is a national holiday in Japan.
  3. Available on the Bank's web site.