Looking at the situation in Japan, a similar progress is also underway, including initiatives taken by the Japanese Bankers Association (JBA) and the Japanese Banks’ Payment Clearing Network (Zengin-Net) with the aim of enhancing the retail payment services. Going forward, it is important for a wide range of stakeholders to understand overseas developments and take measures as appropriate. II.
Role of central banks in payment and settlement systems  Before discussing the Bank’s initiatives in light of such circumstantial changes, let me now explain the role of central banks in payment and settlement systems. Payment services constitute the core of banking business.