The twenty-five years of FISC closely overlap with the history of the birth and evolution of the Bank of Japan Financial Network System (BOJ-NET). The Bank of Japan had just started developing the system when the center was founded in 1984. The system went live in 1988, followed by a number of improvements thereafter.
These include the introduction of deliveryversus-payment (DVP) for Japanese government bonds (JGBs), the development of an outof-region backup center in Osaka, a changeover from deferred net settlement (DNS) to realtime gross settlement (RTGS), and the introduction of liquidity-saving features into the RTGS system. These measures have contributed to enhancing the safety and efficiency of payment and settlement systems in Japan.