OREANDA-NEWS. NTT DATA Corp. has been admitted to the Asian Payment Network (APN) as a member, becoming the first Japanese company to join the organization, which was established to create a common payment settlement platform within the Asia-Pacific region. NTT DATA will cooperate with other members of the APN and consider the launch of Asian retail settlement operations.

APN was formed in 2006 with the leadership of the central banks of leading ASEAN nations (Singapore, Malaysia, Indonesia, and Thailand) with a view to establishing a new retail settlement network in Asia. The network, which currently has 12 companies in 10 nations, is seeking to create a new retail settlement mechanism for each participating nation.

NTT DATA and NTT DATA Institute of Management Consulting, Inc. (Head Office: Chiyoda-ku, Tokyo; President: Mitsuru Toyoda), has 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.

The Panel for Vitalizing Financial and Capital Markets, a committee created by the Financial Services Agency and the Ministry of Finance, on December 13 released its recommendations for stimulating the country’s financial and capital markets. In the report, the committee urges the government to encourage Japanese companies to join cross-border ATM networks in Asia. NTT DATA’s participation in the APN is likely to promote cooperation between Japanese banks and their counterparts in other nations. NTT DATA, drawing on its network settlement knowhow acquired after years of operations in Japan, plans work with Japanese banks to propose a new retail settlement mechanism for Asia.