Domestic
PAYMENTS SIGNAL · REFERENCE CARDA BOJ-NET funds transfer (Japan RTGS)
A large-value yen payment settles one-for-one across the banks' current accounts at the Bank of Japan, individually and immediately — not batched and netted like a retail payment through the Zengin System.
Actors
- Bank Alfa (sending bank)bank
- BOJ-NET Funds Transfer Systeminfrastructure
- Bank of Japan (settlement agent)infrastructure
- Nordbank (receiving bank)bank
Messages
- BOJ-NET funds transfer
The sequence
| # | Step | Route | Kind |
|---|---|---|---|
| 1 | Funds-transfer message — Bank Alfa submits the BOJ-NET transfer | Bank Alfa → BOJ-NET | message |
| 2 | Check current-account balance — BOJ-NET checks the current-account balance | BOJ-NET | internal |
| 3 | Gross settlement — The Bank of Japan settles the payment in real time | Bank Alfa → Nordbank | settlement |
| 4 | Settlement confirmation — Nordbank is told the payment has settled | BOJ-NET → Nordbank | message |
| 5 | Book the funds — Nordbank books the funds | Nordbank | posting |
Exception rails
| Rail | Trigger | Where the money ends up | Next action |
|---|---|---|---|
| Not enough in the current account | Bank Alfa's current account at the Bank of Japan does not hold JPY 300,000,000 at the moment the message is checked. | Nordbank is paid only once Bank Alfa funds its current account; until then the transfer sits queued and unsettled. · Settlement waited on liquidity — the payment did not settle until the current account was covered. | Bank Alfa — Bank Alfa manages its intraday liquidity so high-value transfers do not stall in the queue. |