Wise has become the first foreign firm to receive approval for direct access to Japan’s bank payment clearing network Zengin.
Editorial
This content has been selected, created and edited by the Finextra editorial team based upon its relevance and interest to our community.
Reuters reports Wise said access to the system will allow it to bypass intermediary banks that process and settle funds in Japan, lowering fees and processing times.
If Wise does as it aims, this could increase pressure and competition within the Japanese payments market. According to World Bank data, the cost of remittances in Japan is the second highest of the G20 countries, at 6.94%. Wise reports their average fee for cross border payments is 0.67%.
This move comes after Wise gained its license from the Reserve Bank of India, taking on the Indian remittances market.
Source link
#Wise #gains #direct #access #Japans #payment #clearing #network #Reuters
ai improve text
ai text generator tools
best ai text generators
blues metronome
brain bravida
comfyui ndi
data governance failures
fivetran blind
h&r block taxes generative ai
insurance denials builds aipowered for fighting
Unlock the potential of cutting-edge AI solutions with our comprehensive offerings. As a leading provider in the AI landscape, we harness the power of artificial intelligence to revolutionize industries. From machine learning and data analytics to natural language processing and computer vision, our AI solutions are designed to enhance efficiency and drive innovation. Explore the limitless possibilities of AI-driven insights and automation that propel your business forward. With a commitment to staying at the forefront of the rapidly evolving AI market, we deliver tailored solutions that meet your specific needs. Join us on the forefront of technological advancement, and let AI redefine the way you operate and succeed in a competitive landscape. Embrace the future with AI excellence, where possibilities are limitless, and competition is surpassed.
