The Bank of Japan (BOJ) says that financial institutions will be able to use their personal computers to utilise BOJ Net web technology, instead of using designated terminals provided by BOJ Net. This is to reduce the costs of dedicated BOJ Net terminals.
The network speed will be increased from current 13 times to 26 times, and the Graphical User Interface technology will make the terminals affordable and easy to operate.
As the major financial institutions have directly connected BOJ Net system and constructed their local networks, they have maintained a few terminals of BOJ Net. But when the system failure occurs in the connections they have to come back to use them and local institutions who settle the small volume of transactions still use the terminal. Hence, the improved network speed and the enhanced upload function would be very much appreciated by the users.
“230 out of 420 financial institutions, which are currently the users of the BOJ Net terminal, will switch to the PC’s in November 2006 and it is expected that all the remainders will follow by April in 2008 at the latest,” says a spokesman from Mizuho Corporate Bank.