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Utilizing Semantic Web and Software Agents in a Travel Support System
Wright, J., Gordon, M., Paprzycki, M., Williams, S., & Harrington, P. (2003). Using the ebXML registry repository to manage information in an
Internet travel support system. In W. Abramowicz & G. Klein (Eds.), Proceedings of the BIS2003 ConferenceSS3RODQG3R]QDĔ8QLYHUVLW\ of Economics Press.
This work was previously published in Semantic Web Technologies and E-Business: Toward the Integrated Virtual Organiza-tion and Business Process Automation, edited by A. Salam and J. Stevens, pp. 325-359, copyright 2007 by IGI Publishing (an imprint of IGI Global).
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Chapter 8.9
Global Trends of Payment Systems and the
Next-Generation RTGS Project in Japan
Masaki Nakajima Reitaku University, Japan
ABSTRACT
This chapter investigates the evolutionary process of the payment system against the background of structural changes. At the early stage, most pay-ment systems were Designated-Time Net Settle-ment (DTNS) systems. Then, Real-Time Gross Settlement (RTGS) systems were introduced, which had the merit of reducing settlement risks. 7KLV¿UVWWUHQGZDVIROORZHGE\WKHGHSOR\PHQW of Hybrid systems and Integrated systems. The Bank of Japan (BOJ) is proceeding with the Next-Generation RTGS (RTGS-XG) project. This project is regarded as a typical enhancement of payment systems following the global trend. The IHDWXUHVDQGEHQH¿WVRIWKH57*6;*DUHFORVHO\ analyzed.
INTRODUCTION
When the author worked for the Bank for Inter-national Settlements (BIS) several years ago, he JRWWRNQRZDVHQLRURI¿FLDORIDFHQWUDOEDQNLQ Europe, who was the head of the payment sys-WHPVGLYLVLRQ2QHGD\KHVDLGWRKLP³3D\PHQW systems are not the most fascinating topic in the world.” The author was very surprised to hear WKDW%XWWKHVHQLRURI¿FLDOFRQWLQXHG³+RZHYHU the least fascinating topics are by no means the least important.” The author fully agreed with his opinion then, and still believes his remarks are absolutely true. Payment systems are the in-GLVSHQVDEOHLQIUDVWUXFWXUHVIRU¿QDQFLDOPDUNHWV and business activities.
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Global Trends of Payment Systems and the Next-Generation RTGS Project in Japan
BACKGROUND
A payment system is a mechanism that facilitates VPRRWKWUDQVIHURIIXQGVDPRQJ¿QDQFLDOLQVWLWX-tions. Generally, it consists of a set of instruments, procedures, rules, and technical bases like com-puters and networks. It is sometimes referred to as an interbank funds transfer system.
Payment systems are the important social infrastructures that support the whole national economic activities. Every commercial trade and ¿QDQFLDOWUDQVDFWLRQLV¿QDOL]HGRQO\ZKHQWKH ¿QDOVHWWOHPHQWLVPDGHWKURXJKSD\PHQWV\VWHPV If malfunctions ever happen in a payment system, which prevent the smooth transfer of funds, the QDWLRQDOHFRQRP\DQG¿QDQFLDOPDUNHWVZRXOG be thrown into extreme confusion and seriously GDPDJHG7KHUHIRUHVDIHDQGHI¿FLHQWSD\PHQW systems are critical to the effective functioning of QDWLRQDOHFRQRPLHVDQG¿QDQFLDOV\VWHPV
7KLVFKDSWHULVVWUXFWXUHGDVIROORZV7KH¿UVW section explains the structural changes in the pay-PHQWV\VWHP¿HOG7KHVHFRQGVHFWLRQGHVFULEHV the global trends of payment systems. The third
section focuses on the Next-Generation RTGS Project in Japan. The fourth section analyzes WKHIHDWXUHVDQGEHQH¿WVRIWKH1H[W*HQHUDWLRQ RTGS system.
STRUCTURAL CHANGES IN PAYMENT SYSTEM FIELDS
,Q UHFHQW \HDUV VRPH VLJQL¿FDQW VWUXFWXUDO changes have occurred in the payment system ¿HOGV1DNDMLPD0DVDVKLDQG-XQLFKL6KXNXZD 2005; Nakajima, Masashi, 2003).
Rapid Growth of Settlement Values and Accompanying Settlement Risks
First of all, settlement values of payment sys-tems in industrialized countries have increased in a very rapid pace which is faster than that of economic growth. The progress in globalization DQGODELDOL]DWLRQRI¿QDQFLDOWUDGHKDGDGLUHFW impact on the rapid growth of settlement amount. The settlement values of payment systems in an
Table 1. Settlement values of payment systems as a percentage of GDP (as of 2004)(in %)
Country
France
Germany
Japan
United Kingdom
United States
Payment System
TBF PNS RTGSplus
BOJ-NET FXYCS CHAPS Euro CHAPS Sterling Fedwire
CHIPS
Settlement values relative to Nominal GDP
65.8 10.6 57.0 41.2 8.7 19.1 44.9 40.0
29.5
Source: Statistics on payment and settlement systems in selected countries, Bank for International Settlements, March 2006
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Global Trends of Payment Systems and the Next-Generation RTGS Project in Japan
industrialized country are as much as 50 to 80 times as the nominal GDP of each country. This fact means that the settlement value of a payment system in only a week is larger than the nominal GDP of the nation for a whole year. It is worth mentioning that larger settlement values would be accompanied with larger settlement risks (Bank of Japan, 2006b).
Activities of the BIS for Settlement Risk Awareness
Secondly, the BIS published several important reports for the reduction of payment system risks. A range of risks could arise in payment systems, which include credit risk, liquidity risk, legal risk, operational risk, and systemic risk. These risks DUHFROOHFWLYHO\UHIHUUHGDV³VHWWOHPHQWULVNV´ Important reports of the BIS for mitigating the settlement risks include Lamfalussy Report, DVP Report, Noël Report, Allsopp Report, RTGS Report, and Core Principles Report (Bank for In-ternational Settlements, 2001). These educational campaigns of the BIS increased the awareness for
the settlement risks gradually across the globe. Then, the overseers and operators of the payment systems became to actively work for the reduction of settlement risks, which lead to the evolution of payment systems as well as the improvement of risk management.
Competition between Payment Systems
Thirdly, competitions between payment systems have been the driving forces for the innovation of payment systems. In some cases, the competition has taken place between the two payment systems in one country. The competition between the Fedwire and the CHIPS in the U.S. would be a good example. Major U.S. banks can use one of two payment systems, depending on the urgency of the payment and request of the customers.
In other case, cross-border competition has occurred among the several national payment sys-tems. The typical cross-border competitions have been observed in EU, where the single currency Euro was introduced in 1999 and legacy curren-
Table 2. List of the BIS reports for reducing the settlement risks
Date of publication
November 1990
September 1992
September 1993
March 1996
March 1997
January 2001
The name of the report
Report of the Committee on Interbank Netting Schemes of the Central Banks of the Group of Ten Countries (Lamfalussy Report)
Delivery versus Payment in Securities Settlement Systems (DVP Report)
Central Bank Payment and Settlement Services with respect to Cross-border and Multicurrency Transaction (Noël Report) Settlement Risk in Foreign Exchange Transactions (Allsopp Report)
Real-time Gross Settlement Systems (RTGS Report)
Core Principles for Systemically Important Payment Systems
(Core Principles Report)
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Global Trends of Payment Systems and the Next-Generation RTGS Project in Japan
cies, like Deutsche Mark and French Franc, were abolished. As a result of introduction of single currency, more than 20 payment systems were converted from the payment systems of legacy currencies to the Euro payment systems. Then, they had to compete with each other in the same currency zone, namely the Euro zone.
These competitions have been conducive to the improvement and radical changes of payment systems. In order to survive in the competition, some payment systems introduced very innova-tive and enhanced payment mechanisms, which promoted the evolution of the payment systems.
Innovation of Information Technology
Fourthly, the progress of information technology ,7DOVRPDGHVLJQL¿FDQWFRQWULEXWLRQWRWKH enhancement of payment systems (Bech, Morten, L., & Hobijn, Bart, 2006). Advanced processing capability of computers enabled the settlement in very sophisticated ways, such as the continuous netting and queue management with complex algorithms. In addition, enhanced communication networks enabled real-time exchanges of messages as well as real-time monitoring of liquidity and interactive management of the queue.
GLOBAL TRENDS OF PAYMENT SYSTEMS
During the past 15 years, payment systems have evolved in the environmental changes mentioned. Three movements could be pointed out as the global trends of payment systems.
Introduction of RTGS systems
RTGS System and DTNS System
7KH¿UVWWUHQGZDVWKHLQWURGXFWLRQRIWKHReal-Time Gross Settlement (RTGS) systems. There
DUHWZRIHDWXUHVRIWKH57*6V\VWHP7KH¿UVW feature is that the settlement of funds occurs on a gross basis, which means payment instructions are processed one-by-one basis without netting. 7KHVHFRQGIHDWXUHLV¿QDOVHWWOHPHQWLVPDGHRQ a real-time basis during the day.
Before the changeover to the RTGS systems, many countries adopted the Designated-Time Net Settlement (DTNS) systems. The DTNS system is a net settlement system, thus the settlement of funds occurs on a net basis. In concrete terms, a net position of each participating bank is calcu-ODWHGZKLFKLVGH¿QHGDVDQDPRXQWRIGLIIHUHQFH between the sum of the outgoing payments and the sum of the incoming payments. If the amount of out going payments is larger than the amount of incoming payments, the participant has a net debit position and has to pay the net amount be-fore the settlement time. The DTNS system is a designated-time settlement system, in which the ¿QDOVHWWOHPHQWWDNHVSODFHDWDGHVLJQDWHGWLPH usually at the end of the day. In short, in the DTNS V\VWHPWKH¿QDOVHWWOHPHQWRIQHWSRVLWLRQVRFFXUV at the end of the day.
Merits of the RTGS System
The RTGS system has two merits in reducing settlement risks. Firstly, unsettled payment in-structions accumulate until the end of the day LQWKH`716V\VWHP7KHUHIRUHXQWLOWKH¿QDO settlement is completed at the end of the day, the settlement risks still exist. Compared with this, the RTGS system processes each payment instruc-WLRQRQHE\RQHDQGPDNHVWKHP¿QDOGXULQJWKH daytime. Thus, the RTGS system can effectively reduce the settlement risk.
6HFRQGO\³V\VWHPLFULVN´LVWKHNH\ZRUG This is the risk that the failure of one participant to meet its required obligation will cause other participants to be unable to meet their obligations when due. Such a failure may cause widespread liquidity or credit risk problems and, as a result, PLJKWFUHDWHWRWDOFKDRVLQ¿QDQFLDOPDUNHWV$V
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