JBA finalized and released the “Outline of the Electronic Monetary Claims Recording Institution” on March 24.
JBA had released the “Interim Outline of the Electronic Monetary Claims Recording Institution” in October 2008, and following deliberations resulted in producing this final version.
The kind of recording institution JBA is considering envisages a scheme in which all banks participate based on the premise of a transaction format that uses electronically recorded monetary claims as bills. A summary of the outline is as follows.
I. Specifications for participating financial institutions
Specifications for the nature and certification requirements, etc. of participants
II. Business operations
Specifications for (1) requirements for becoming a user, (2) description of business operations conducted by recording institution, (3) requests for records, (4) settlement methods, (5) disclosure, (6) default rules, (7) contingency plans for system failures/natural disasters, etc.
III. System Overview
Specifications for the characteristics and operational functions of the systems at recording institution
IV. Schedule
Clarification that JBA will initiate preparations for establishing recording institution, aiming for the system to start in the first half of fiscal 2012