The possible extension of BOJ-NET operating hours will create a larger overlap between the operating hours of the BOJ-NET and those of the overseas payment and settlement systems, which will provide a solid foundation for the possible future enhancement of cross-border settlements that I talked about earlier. The new BOJ-NET employs the latest information technology for improved convenience for users.
For example, the new BOJ-NET adopts a new technology which facilitates the acceptance of different data formats and communication protocols. It also adopts ISO20022, internationally accepted message formats. Those new features will be introduced in order to enhance the accessibility to the BOJ-NET by other domestic or foreign infrastructures and financial institutions.