- May 13, 2021
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- May 6, 2021
October 27, 2009
Bank of Japa
The Bank of Japan today decided to establish a new computer system for the Bank of Japan Financial Network System (BOJ-NET), which began operations in 1988.
The new BOJ-NET will have three main features: first, it will use the latest information technology; second, it will have high flexibility to adapt to changes in financial services and various needs; and third, it will have enhanced accessibility to cope with changes in the financial environment such as globalization of financial transactions and networking of settlement infrastructures.
The new BOJ-NET will provide basically the same functions as the current system through a new system infrastructure, while some selected functions will be improved, integrated, or abolished.
The new BOJ-NET will start operating for some areas of the Bank's business around fiscal 2013 and for the remaining areas around fiscal 2015.
Prior to the Bank's decision today, it released a public consultation document about its proposal to establish the new BOJ-NET on July 17, 2009, and invited comments from interested parties. The comments indicated support for the Bank's proposal and there were no objections. The framework for the new BOJ-NET is unchanged from that proposed in the public consultation document.