# Payment Systems: RTGS, BOJ-NET and Correspondent Banking

> A payment system is an arrangement that processes payments and receipts of funds among banks and other participants. Yen payments are settled mainly through the Bank of Japan's BOJ-NET, one by one and immediately, by transfers between central bank accounts. Foreign currencies are paid and received mainly through accounts held at correspondent banks abroad.

- URL: https://www.derivatives-compass.org/en/market-infrastructure/payment-systems/
- Area: Market Infrastructure › Settlement Systems
- Last reviewed: 2026-10-22
- 日本語版: https://www.derivatives-compass.org/ja/market-infrastructure/payment-systems/index.md

## Key points

- Funds settlement is either RTGS, which settles each payment individually, or designated-time net settlement, which settles the difference between payments and receipts together.
- RTGS makes settlement final once processed but needs more intraday funds, which intraday overdrafts and queues help cover.
- The BOJ-NET current account system settles yen funds transactions and the final settlement of private payment systems by transfers between Bank of Japan accounts.
- Fedwire in the United States, CHAPS in the United Kingdom, and T2 in the euro area are also RTGS systems using central bank accounts, but their currencies and operators differ.
- Foreign-currency payments settle by debiting and crediting nostro accounts at correspondent banks, so the account balances need managing.

Derivatives payments in yen and in foreign currencies settle through different systems and accounts. They differ in when a payment becomes final, in what you can use when funds run short, and in which accounts a foreign-currency payment passes through.

## Gross settlement and net settlement

Funds settlement works in one of two ways: gross settlement, which settles each payment individually, or net settlement, which offsets payments and receipts before settling.

A payment system is a set of means, procedures, and rules for moving funds among participants, and it includes the entity that operates it. Many large-value payment systems, which handle large and high-priority payments, are run by central banks and use [RTGS](https://www.derivatives-compass.org/en/glossary/rtgs/) (real-time gross settlement) or an equivalent mechanism[^pfmi-1-10]. RTGS settles payment instructions one by one, in real time[^pfmi-3-8-6]. Designated-time net settlement (DNS), by contrast, collects instructions, calculates the difference between payments and receipts, and settles only that difference at a set time[^psr-zengin].

| Item                  | RTGS                                | Designated-time net settlement                                 |
| --------------------- | ----------------------------------- | -------------------------------------------------------------- |
| Unit of settlement    | Each payment instruction            | The difference after offsetting payments and receipts          |
| Timing of settlement  | Immediately, if funds are available | Deferred until the settlement time                             |
| Risk until settlement | Can be reduced or removed           | Participants bear settlement risk while settlement is deferred |
| Intraday funds needed | Tends to be large                   | Relatively small                                               |

RTGS reduces settlement risk, but participants need funds to cover every payment, which raises the funds needed during the day[^pfmi-3-8-7].

Within one country, the method can also depend on the amount. Take the Zengin System, the nationwide interbank transfer system. For payments of 100 million yen or more, each instruction is passed to the current account system of [BOJ-NET](https://www.derivatives-compass.org/en/glossary/boj-net/) (the Bank of Japan Financial Network System) and settled by RTGS on current accounts at the [Bank of Japan](https://www.derivatives-compass.org/en/glossary/boj/). For small-value transactions below 100 million yen, Zengin-Net totals the instructions. It settles the difference between Zengin-Net and each financial institution once a day by designated-time net settlement on Bank of Japan current accounts (as of September 2024)[^psr-zengin].

## Settlement finality in RTGS

Settlement finality is the point at which settlement becomes unconditional and irrevocable[^pfmi-3-8-1]. The international standard asks the operator to define clearly, in its rules and procedures, when settlement becomes final[^pfmi-3-8-1].

In the Bank of Japan's current account system, funds settlement is complete when the Bank confirms the settlement and records it in the current account ledger. The Bank's rules on current accounts set this point, and settlement finality is secured under applicable laws, including insolvency law. Its legal certainty has been checked through measures such as legal review by outside legal experts[^boj-final].

Whether an instruction can be canceled is also set by agreement with the counterparty. A transfer request on an ordinary current account (the ordinary account) is processed without delay once the Bank accepts it and is recorded immediately, so it cannot be canceled. Among transfer requests processed once a condition is met, some do not allow cancellation and some allow it until the condition is met[^boj-cancel].

## Intraday liquidity and queues

Because RTGS needs the full amount of funds for each payment, there are ways to cover a shortfall during the day. Bank of Japan current accounts come in types with different uses. On the ordinary account, you borrow through intraday overdrafts. On the simultaneous settlement account, which has a queuing mechanism, instructions wait for incoming payments from counterparties.

The Bank of Japan provides intraday liquidity to its counterparties as a current account overdraft that must be repaid by the end of the business day. This is the intraday overdraft, and it is made on current accounts other than the simultaneous settlement account (the ordinary account). A counterparty can borrow, interest-free, up to the appraised value of the collateral it has pledged. If an overdraft balance remains at the close of business, penalty interest is charged at the basic loan rate plus 6% per year[^boj-intraday].

The other way is BOJ-NET's liquidity-saving features, which are provided on the simultaneous settlement account of the current account. When the system accepts a payment instruction and the funds to debit are insufficient, it holds the instruction in a queue (the queuing function). If there is a combination of instructions that would not cause a shortfall when settled together, it settles them at once (the simultaneous settlement function for multiple instructions).

There are two ways to look for a combination. One searches between two parties each time a new instruction is sent or a balance increases. The other searches across the queues of all financial institutions eight times a day (at 10:30 a.m. and roughly every hour after that). Even when instructions are settled together, each is processed individually on a gross basis, and no netting takes place[^boj-lsf].

Consider a hypothetical example in which Bank C and Bank D each hold 1 billion yen in their Bank of Japan current accounts and settle on the simultaneous settlement account. Bank C instructs a payment of 3 billion yen to Bank D, and Bank D instructs a payment of 2 billion yen to Bank C, at the same time, as payments for separate transactions.

| Point in time                 | Bank C balance | Bank D balance | Processing                                |
| ----------------------------- | -------------- | -------------- | ----------------------------------------- |
| Before the instructions       | 1 billion yen  | 1 billion yen  | None                                      |
| Just after the instructions   | 1 billion yen  | 1 billion yen  | Both queued for insufficient balance      |
| After simultaneous settlement | 0 yen          | 2 billion yen  | Both settled at the same time, one by one |

When the two instructions settle together, Bank C's balance becomes 10 − 30 + 20 = 0 (in units of 100 million yen), and Bank D's becomes 10 − 20 + 30 = 20, or 2 billion yen, so neither balance goes negative. While the other bank's instruction has not been sent, Bank C's 3 billion yen payment stays in the queue.

> **For systems professionals: Holding the status of queued instructions**
>
> A system that holds payment instructions divides their status into states such as "entered," "queued," "settled," and "canceled," and lets users see the total amount of queued instructions during the day. Comparing that amount with the account's Bank of Japan current account balance shows a funds shortfall early.

## BOJ-NET current account system and foreign exchange yen clearing

BOJ-NET is a settlement network operated by the Bank of Japan. It consists of the current account system, which handles funds, and the JGB system, which handles Japanese government bonds. The current account system settles funds transactions between financial institutions, the funds side of securities trades such as those in government bonds, and the final funds settlement of private payment systems, all by transfers between Bank of Japan current accounts. In 2023, funds settlement averaged about 235 trillion yen and about 83,000 transactions per business day[^psr-bojnet].

The Bank of Japan selects the counterparties that hold accounts in the current account system from among banks, shinkin banks, funds clearing institutions, financial instruments business operators, securities finance companies, financial instruments clearing organizations, and money market brokers[^boj-disc-scope]. The [Japan Securities Clearing Corporation](https://www.derivatives-compass.org/en/glossary/jscc/) and [CLS Bank International](https://www.derivatives-compass.org/en/glossary/cls-bank/) are also counterparties that hold current accounts with the Bank of Japan[^boj-torihiki]. The yen funds for CLS transactions are settled on the ordinary account, and market transactions between counterparties are in principle settled on the simultaneous settlement account[^boj-disc-accounts]. Settlement by [DvP](https://www.derivatives-compass.org/en/glossary/delivery-versus-payment/), which delivers government bonds and funds at the same time, is covered on the [Securities Settlement and CSDs: DvP, JASDEC and T+1](https://www.derivatives-compass.org/en/market-infrastructure/securities-settlement-and-csd/) page.

BOJ-NET input times are as follows, according to the Bank of Japan's decision as of October 2026. The core time is the period in which all participants using BOJ-NET have their operations in place[^boj-hours].

| Item                                                                            | Time                   |
| ------------------------------------------------------------------------------- | ---------------------- |
| Start of online input                                                           | 8:30 a.m.              |
| Deadline for online input                                                       | 9:00 p.m.              |
| Core time (current account settlement, excluding foreign exchange yen clearing) | 9:00 a.m. to 5:00 p.m. |
| Core time (foreign exchange yen clearing)                                       | 9:00 a.m. to 3:00 p.m. |
| Core time (JGB settlement)                                                      | 9:00 a.m. to 4:30 p.m. |

The Foreign Exchange Yen Clearing System settles the yen funds that arise from yen-denominated remittances between Japan and other countries and from trades in the foreign exchange market. The [Japanese Bankers Association](https://www.derivatives-compass.org/en/glossary/jba/) operates it, and the Bank of Japan is entrusted with the work of transmitting payment instructions and similar tasks, using the BOJ-NET current account system. It centers on large-value settlement, which it processes by RTGS[^psr-fx]. Its settlement method moved fully to real-time gross settlement in October 2008[^boj-oshiete]. Financial institutions convert messages sent over SWIFT into the system's own message format before sending and receiving them. On November 25, 2025, the Bank of Japan revised the ISO 20022 version used for messages of this system and of overseas deposit transactions to version 8 (the 2019 edition)[^boj-iso][^psr-fx-swift].

## RTGS in the United States, the United Kingdom, and the euro area

Other major currencies also have RTGS systems that use central bank accounts.

| System                         | Currency and operator                                 | Settlement finality                              |
| ------------------------------ | ----------------------------------------------------- | ------------------------------------------------ |
| BOJ-NET current account system | Yen. Bank of Japan                                    | When the Bank of Japan records it                |
| Fedwire Funds Service          | Federal Reserve Banks                                 | Immediate, final, and irrevocable once processed |
| CHAPS                          | Pound sterling. Settled in the Bank of England's RTGS | Irrevocable between direct participants          |
| T2                             | Euro. Eurosystem                                      | Immediately final                                |

The Fedwire Funds Service is an RTGS in which depository institutions and others holding accounts at a Federal Reserve Bank can participate. Processed payments are final immediately and cannot be revoked. It is used for large-value, time-critical payments[^fed-about]. The operating hours of each system are those the operators published in October 2026. The Fedwire business day opens at 9:00 p.m. Eastern Time on the previous calendar day and closes at 7:00 p.m. The cutoff for customer transfers is 6:45 p.m. Eastern Time[^frb-hours].

CHAPS settles large-value same-day payments in pounds sterling. Payments between direct participants are settled individually on a gross basis on the same day and cannot be revoked. Institutions that are not direct participants pay through a direct participant. Interbank payments close at 6:00 p.m. The cutoff for customer payments is 5:40 p.m. London time[^boe-chaps].

T2 is the Eurosystem's RTGS, which replaced TARGET2 in March 2023. It settles payment orders one by one and continuously in central bank money, with no upper or lower limit on amounts. It is open Monday to Friday and closed on weekends and some public holidays. It has also handled settlement in Danish krone since April 2025[^ecb-t2].

The Bank of England and the European Central Bank are considering longer operating hours. The Bank of England has designed the renewed RTGS so that it can extend to close to 24 hours a day, 7 days a week, and is working with the industry on whether to extend[^boe-renewal]. In May 2026, the European Central Bank published a roadmap toward extending T2's operating hours[^ecb-t2].

## Correspondent banks and nostro accounts

A foreign-currency payment moves through a network of banks across borders, passing on the payment instruction and settling the funds in turn[^psr-corres]. A bank that carries out settlement for a foreign financial institution is called, from the side of the institution that delegates the work, a [correspondent bank](https://www.derivatives-compass.org/en/glossary/correspondent-bank/)[^boj-corres]. The delegating institution's own account at the correspondent bank is its [nostro account](https://www.derivatives-compass.org/en/glossary/nostro-account/). It manages the balances and reconciliation of foreign-currency payments and receipts on this account[^fxgc-54].

Consider a hypothetical example in which Bank C pays 1 million US dollars to a payee at a customer's request. Bank D is Bank C's correspondent bank for US dollars, and Bank C holds a US dollar nostro account at Bank D with a balance of 3 million US dollars. The payee has an account at Bank D.

**Figure 1: A US dollar payment through a nostro account**

When Bank C sends the payment instruction, Bank D debits 1 million US dollars from Bank C's nostro account and credits the payee's account. Because the payment is completed by transfers on Bank D's books, this example uses no US dollar settlement system.

This sequence applies when the sending bank and the receiving bank have a correspondent agreement. After the payment, the nostro account balance is 2 million US dollars. If the balance is less than the payment, the account risks an overdraft, where it goes negative. If it is enough, the payment can be made without raising additional funds[^fxgc-53].

When the sending and receiving banks hold no direct account with each other, a third bank (an intermediary bank) that has correspondent agreements with both steps in. When the intermediary bank is in the same country as the receiving bank, a domestic settlement system is sometimes used for part of the interbank fund transfers. In Japan, the Foreign Exchange Yen Clearing System is one example[^psr-intermediary].

> **For operations and accounting: Estimating the nostro account balance**
>
> Staff responsible for nostro accounts set up procedures to secure the funds needed in the account for each currency, and estimate the account balance during the day, including trades, cancellations, and amendments up to each settlement date. They send payment instructions early, allowing for time zones and the correspondent bank's cutoff times. Reconciliation of the account is done as early as possible by someone who is not involved in processing the transactions that affect its balance[^fxgc-53-54].

The workflow of confirming nostro account balances and matching incoming payments is covered on the [Settlement](https://www.derivatives-compass.org/en/internal-operations/settlement/) page.

Go deeper: [CLS and PvP: Removing Herstatt Risk](https://www.derivatives-compass.org/en/market-infrastructure/cls-and-pvp/)

[^pfmi-1-10]: [BIS Committee on Payment and Settlement Systems and IOSCO Technical Committee, "金融市場インフラのための原則" (Principles for financial market infrastructures, provisional Japanese translation, in Japanese)](https://www.boj.or.jp/paym/intlact_pm/cpss/data/rel120416a4.pdf) (April 2012), paragraph 1.10, page 10.

[^pfmi-3-8-6]: ["金融市場インフラのための原則" (Principles for financial market infrastructures, provisional Japanese translation)](https://www.boj.or.jp/paym/intlact_pm/cpss/data/rel120416a4.pdf), paragraph 3.8.6, pages 92–93.

[^psr-zengin]: [Bank of Japan, "決済システムレポート 2024" (Payment and Settlement Systems Report 2024, in Japanese)](https://www.boj.or.jp/research/brp/psr/data/psr240910.pdf) (September 2024), page 12, section 2 on the Zengin System (the nationwide interbank transfer system).

[^pfmi-3-8-7]: ["金融市場インフラのための原則" (Principles for financial market infrastructures, provisional Japanese translation)](https://www.boj.or.jp/paym/intlact_pm/cpss/data/rel120416a4.pdf), paragraph 3.8.7, page 93.

[^pfmi-3-8-1]: ["金融市場インフラのための原則" (Principles for financial market infrastructures, provisional Japanese translation)](https://www.boj.or.jp/paym/intlact_pm/cpss/data/rel120416a4.pdf), Principle 8 and paragraph 3.8.1, pages 90–91.

[^boj-final]: [Bank of Japan, "日本銀行が運営する資金決済システムに関する情報開示" (Disclosure on the funds settlement system operated by the Bank of Japan, in Japanese)](https://www.boj.or.jp/paym/outline/pay_boj/pboj250731a.pdf) (July 31, 2025), section 1-2, page 3, and Principle 8, Key Consideration 1, page 14.

[^boj-cancel]: [The same document](https://www.boj.or.jp/paym/outline/pay_boj/pboj250731a.pdf), Principle 8, Key Consideration 3, page 42.

[^boj-intraday]: [Bank of Japan, "日中当座貸越基本要領" (Basic Terms for Intraday Overdrafts, in Japanese)](https://www.boj.or.jp/paym/torihiki/touyo11.htm), items 1 (eligible accounts), 3 (collateral), 4 (overdraft limit), 5 (repayment deadline), 6 (interest), and 7 (penalty interest). Revised March 31, 2019.

[^boj-lsf]: [Bank of Japan, "日本銀行が運営する資金決済システムに関する情報開示" (Disclosure on the funds settlement system operated by the Bank of Japan, in Japanese)](https://www.boj.or.jp/paym/outline/pay_boj/pboj250731a.pdf) (July 31, 2025), section 1-2, note 3, page 3, and the explanation under 3-4, page 13.

[^psr-bojnet]: [Bank of Japan, "決済システムレポート 2024" (Payment and Settlement Systems Report 2024, in Japanese)](https://www.boj.or.jp/research/brp/psr/data/psr240910.pdf) (September 2024), pages 9–10, section 1 on BOJ-NET (current account system and JGB system).

[^boj-disc-scope]: [Bank of Japan, "日本銀行が運営する資金決済システムに関する情報開示" (Disclosure on the funds settlement system operated by the Bank of Japan, in Japanese)](https://www.boj.or.jp/paym/outline/pay_boj/pboj250731a.pdf) (July 31, 2025), section 1-3, page 3.

[^boj-torihiki]: [Bank of Japan, "日銀当座預金取引・当座貸越取引" (Current Account Transactions and Overdraft Transactions, in Japanese)](https://www.boj.or.jp/paym/torihiki/index.htm), the table under the related publications on current account counterparties (Japan Securities Clearing Corporation, January 2003; CLS Bank International, June 2002).

[^boj-disc-accounts]: [Bank of Japan, "日本銀行が運営する資金決済システムに関する情報開示" (Disclosure on the funds settlement system operated by the Bank of Japan, in Japanese)](https://www.boj.or.jp/paym/outline/pay_boj/pboj250731a.pdf) (July 31, 2025), section 1-2, pages 3–4.

[^boj-hours]: [Bank of Japan, "日銀ネットにおけるオンライン入力開始時刻等に関する件" (Online Input Start Times and Related Matters in BOJ-NET, in Japanese)](https://www.boj.or.jp/paym/bojnet/bojnet01.htm) (decided July 31, 2015; revised January 19, 2016), items 1 and 2. On days the Governor considers necessary, the start of input can be moved earlier and the deadline later (item 3).

[^psr-fx]: [Bank of Japan, "決済システムレポート 2024" (Payment and Settlement Systems Report 2024, in Japanese)](https://www.boj.or.jp/research/brp/psr/data/psr240910.pdf) (September 2024), page 13, section 3 on the Foreign Exchange Yen Clearing System.

[^boj-oshiete]: [Bank of Japan, "日銀ネットにおいて、民間資金決済システムでの金融機関間の受払はどのように行われていますか？" (How are payments and receipts between financial institutions made in private funds settlement systems on BOJ-NET?, in Japanese)](https://www.boj.or.jp/about/education/oshiete/kess/i27.htm), the section on the Foreign Exchange Yen Clearing System.

[^boj-iso]: [Bank of Japan, "日銀ネットで利用するISO20022電文のバージョン改訂の実施について" (Implementation of the Version Revision of ISO 20022 Messages Used in BOJ-NET, in Japanese)](https://www.boj.or.jp/paym/bojnet/net_forum/nfo251125a.pdf) (November 25, 2025).

[^psr-fx-swift]: [Bank of Japan, "決済システムレポート 2024" (Payment and Settlement Systems Report 2024, in Japanese)](https://www.boj.or.jp/research/brp/psr/data/psr240910.pdf) (September 2024), page 14, the paragraph below Figure 6.

[^fed-about]: [Board of Governors of the Federal Reserve System, "Fedwire Funds Service"](https://www.federalreserve.gov/paymentsystems/fedfunds_about.htm), the description: that it is an RTGS, who can participate, and that it is used for large-value, time-critical payments.

[^frb-hours]: [Federal Reserve Financial Services, "Fedwire Funds Service and National Settlement Service Operating Hours"](https://frbservices.org/resources/financial-services/wires/operating-hours.html), "Fedwire Funds Service Schedule" and "Processing Times".

[^boe-chaps]: [Bank of England, "CHAPS"](https://www.bankofengland.co.uk/payments/chaps), the opening section, "Who uses CHAPS?", and "How does CHAPS work?" (including the description of operating hours).

[^ecb-t2]: [European Central Bank, "What is T2?"](https://www.ecb.europa.eu/paym/target/t2/html/index.en.html), "How does T2 work?", "T2 opening hours", "Multi-currency in T2", "Public consultation …", and "TARGET and TARGET2".

[^boe-renewal]: [Bank of England, "The renewed RTGS service key benefits"](https://www.bankofengland.co.uk/payments/rtgs-renewal-programme/the-renewed-rtgs-service-key-benefits), "Improved user functionality".

[^boj-corres]: [Bank of Japan, "金融機関の決済リスク管理について" (Settlement Risk Management at Financial Institutions, in Japanese)](https://www.boj.or.jp/research/brp/ron_2000/data/set0002a.pdf) (February 2000), page 9 and Figure 1, "Position of participants in a settlement system".

[^fxgc-54]: [Global Foreign Exchange Committee, "グローバル外為行動規範" (FX Global Code, provisional Japanese translation by the Tokyo Foreign Exchange Market Practices Committee, in Japanese)](https://www.globalfxc.org/uploads/fx_global_dec24_jp.pdf) (December 2024 edition), Principle 54, page 51.

[^psr-corres]: [Bank of Japan, "決済システムレポート 2024" (Payment and Settlement Systems Report 2024, in Japanese)](https://www.boj.or.jp/research/brp/psr/data/psr240910.pdf) (September 2024), pages 41–42, section 2 on the mechanism of cross-border remittances, Figure 30 and note 30 (the nostro account from the sending bank's side).

[^psr-intermediary]: [Bank of Japan, "決済システムレポート 2024" (Payment and Settlement Systems Report 2024, in Japanese)](https://www.boj.or.jp/research/brp/psr/data/psr240910.pdf) (September 2024), pages 42–43, Figures 31 and 32.

[^fxgc-53]: [Global Foreign Exchange Committee, "グローバル外為行動規範" (FX Global Code, provisional Japanese translation by the Tokyo Foreign Exchange Market Practices Committee, in Japanese)](https://www.globalfxc.org/uploads/fx_global_dec24_jp.pdf) (December 2024 edition), Principle 53, pages 50–51.

[^fxgc-53-54]: [Global Foreign Exchange Committee, "グローバル外為行動規範" (FX Global Code, provisional Japanese translation by the Tokyo Foreign Exchange Market Practices Committee, in Japanese)](https://www.globalfxc.org/uploads/fx_global_dec24_jp.pdf) (December 2024 edition), Principle 53, pages 50–51, and Principle 54, page 51.

## Sources

- [金融市場インフラのための原則（仮訳）](https://www.boj.or.jp/paym/intlact_pm/cpss/data/rel120416a4.pdf) — BIS 支払・決済システム委員会、証券監督者国際機構専門委員会
- [決済システムレポート 2024](https://www.boj.or.jp/research/brp/psr/data/psr240910.pdf) — 日本銀行
- [日本銀行が運営する資金決済システムに関する情報開示](https://www.boj.or.jp/paym/outline/pay_boj/pboj250731a.pdf) — 日本銀行
- [日中当座貸越基本要領](https://www.boj.or.jp/paym/torihiki/touyo11.htm) — 日本銀行
- [日銀当座預金取引・当座貸越取引](https://www.boj.or.jp/paym/torihiki/index.htm) — 日本銀行
- [日銀ネットにおけるオンライン入力開始時刻等に関する件](https://www.boj.or.jp/paym/bojnet/bojnet01.htm) — 日本銀行
- [日銀ネットにおいて、民間資金決済システムでの金融機関間の受払はどのように行われていますか？](https://www.boj.or.jp/about/education/oshiete/kess/i27.htm) — 日本銀行
- [日銀ネットで利用するISO20022電文のバージョン改訂の実施について](https://www.boj.or.jp/paym/bojnet/net_forum/nfo251125a.pdf) — 日本銀行
- [Fedwire Funds Service](https://www.federalreserve.gov/paymentsystems/fedfunds_about.htm) — Board of Governors of the Federal Reserve System
- [Fedwire Funds Service and National Settlement Service Operating Hours](https://frbservices.org/resources/financial-services/wires/operating-hours.html) — Federal Reserve Financial Services
- [CHAPS](https://www.bankofengland.co.uk/payments/chaps) — Bank of England
- [The renewed RTGS service key benefits](https://www.bankofengland.co.uk/payments/rtgs-renewal-programme/the-renewed-rtgs-service-key-benefits) — Bank of England
- [What is T2?](https://www.ecb.europa.eu/paym/target/t2/html/index.en.html) — European Central Bank
- [金融機関の決済リスク管理について](https://www.boj.or.jp/research/brp/ron_2000/data/set0002a.pdf) — 日本銀行
- [グローバル外為行動規範](https://www.globalfxc.org/uploads/fx_global_dec24_jp.pdf) — グローバル外為市場委員会（東京外国為替市場委員会による仮訳）