G20 Roadmap for Enhancing Cross Border Payments: Japan Scorecard Report (Wise)
Summary
- Japan retained a 4/5 score for direct access in 2025, with an expected upgrade to 5/5 following the planned onboarding of its first non-bank provider in November 2025.p.10
- A total of 8 G20 members achieved a full 5/5 direct access score in 2025.p.10
- Data collected in May 2025 revealed FX markups over the mid-market rate of 1.68% for Japan Post and 0.22% for Mitsubishi UFJ Financial.p.16
- In the United States, consumers are projected to lose an estimated $19 billion in obscured FX markups in 2025.p.11
Key insights
- Wise Payments Japan K.K. was approved as the first funds transfer service provider to gain direct access to the Zengin System.p.15
- The Japan Financial Services Agency clarified that cross-border remittances fall under the Principles for Customer-Oriented Business Conduct.p.14
- Zengin-Net plans to launch an API Gateway in November 2025 to enable direct access for funds transfer service providers with less operational burden.p.15
- The United Kingdom was the only market to achieve a 5/5 score in price transparency in 2025.p.11
- Major Japanese banks disclose FX markups using standard terminology such as TTS, TTB, and TTM, but these details are often not integrated into online instruction flows.p.16
Topics and entities
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