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Japan joins Asia-wide ATM network

January 9, 2014

NTT Data Corp., the Japan-based switching service that connects the ATMs of more than 1,300 financial institutions, has been admitted to the Asian Payment Network as a member. NTT is the first Japanese company to join the APN, which was established to create a common payment settlement platform within the Asia-Pacific region.

APN was formed in 2006 by central banks of ASEAN nations (Singapore, Malaysia, Indonesia and Thailand) with a view to establishing a new retail settlement network in Asia. 

Since 2010, the organization has admitted non-ASEAN nations including Australia, China, New Zealand, South Korea, The Philippines and Vietnam, expanding APN membership to 10 nations and 12 settlement companies.

APN is working to standardize ATM services such as cash withdrawals, balance enquiry, POS, and remittances, and would apply this standardized system to debit and credit cards, money transfers and mobile banking services.

In a press release, NTT Data said it had been considering joining the APN as Japanese companies and banks expand their operations in Asia. NTT Data believes that demand for retail settlement services will continue to increase in the region. 

Japanese banks will be connected online with other APN member banks in Asia through a new mechanism that NTT Data plans to develop in 2014.

The system will allow tourists from other countries in the Asia-Pacific region to withdraw money in Japan. They will also be able to use their local cards for shopping, as the major card schemes currently allow.

At the same time, Japanese tourists will also be able to withdraw money in local currencies when they visit participating member nations.

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