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Banks to cut money transfer fees with new system www3.nhk.or.jp
About 30 banks in Japan are planning to introduce advanced technology used to trade virtual currencies to lower their money transfer fees.
The banks say they will introduce the new money transfer system from March next year at the earliest.
They include the Bank of Yokohama, a regional bank, and SBI Sumishin Net Bank, an online bank.
The banks say the system will enable them to remit money immediately between them, inside and outside Japan, around the clock, including on holidays.
They say they will be able to cut money transfer fees to less than one tenth the current levels by using the network technology used in trading bitcoin and other virtual currencies.
The transfer fees will be set by each bank, but they are expected to be reduced drastically.
More banks are working on the introduction of the latest information technology to reduce fees for money remittance.
The Bank of Tokyo-Mitsubishi UFJ is cooperating with a US bitcoin exchange in developing money remittance services.
Published Date:2016-08-22
