Tokyo, April 13 (Jiji Press)–Japan’s Honest Commerce Fee plans to induce monetary establishments to successfully cut back interbank cash switch charges, knowledgeable sources mentioned Monday.
The antitrust watchdog believes the remittance charges which have stayed excessive for lengthy years might intervene with the unfold of cashless funds and different new providers within the nation.
The FTC plans to name on monetary establishments to appropriate the scenario in a report that’s anticipated to be launched as early as subsequent week, based on the sources.
Cash transfers are carried out by way of the Zengin Knowledge Telecommunication System (Zengin System). Whereas the switch charges are imagined to be set based mostly on negotiations by particular person banks, 117 yen has been imposed uniformly on all transfers of lower than 30,000 yen and 162 yen for all transfers of 30,000 yen or over.
The charges have successfully been mounted for about half a century and a few pundits have warned that such prices can be a burden on small companies once they undertake cashless cost methods.
[Copyright The Jiji Press, Ltd.]