Which country uses the Zengin system for their faster payments?

The Zengin system is a payment system used in Japan that facilitates the electronic transfer of funds between banks. It serves as a key infrastructure for Japan’s interbank payments, enabling faster and efficient payments for both individuals and businesses. The system, which stands for “Zenkoku Kaisya Ginko Kōsai System,” was established to streamline the process of processing interbank transactions and to support real-time settlement, making it essential for domestic payment services in Japan.

In contrast, other countries have developed their own distinct payment systems. South Korea has its own system known as the Korean Payments System (KFTC), while China utilizes the Cross-Border Interbank Payment System (CIPS) for international transactions, and India has the Immediate Payment Service (IMPS) along with other systems like the National Electronic Funds Transfer (NEFT). Each of these systems operates within their respective countries, tailored to local banking and payment needs, but none of them operate under the Zengin system like Japan does.