Closure of Consultation Desk for Cross-Border Payment Services by FSA

Closure of the Cross-Border Payment Services Consultation Desk

On May 22, 2024, the Financial Services Agency (FSA) of Japan announced that its consultation desk for cross-border payment services will officially close on June 1, 2024. This decision comes in the light of new regulatory changes brought about by the amendments to the Payment Services Act, which were enacted in June 2023.

Background

The consultation desk was established in response to the increasing interest and inquiries related to cross-border payment services following the revision of the Payment Services Act. The FSA aimed to support businesses operating or planning to engage in cross-border payment services by providing them with a dedicated platform to seek advice and share their feedback. This initiative was crucial in guiding the development of exemption criteria under the new regulatory framework.

Throughout its operation, the desk received valuable insights from industry stakeholders, which were instrumental in the drafting of specific regulations that govern cross-border payment activities. The FSA acknowledges the contributions received during this period and expresses appreciation for the feedback that helped shape the regulatory landscape.

Transition to New Regulations

The amendments to the Payment Services Act, also referred to as the revised law, will officially go into effect on June 1, 2024. With this milestone, the FSA has decided to conclude the operations of the consultation desk, as the new regulations will standardize the framework for cross-border payment services.

As of the closure date, businesses seeking assistance with cross-border payment service inquiries are encouraged to reach out to their local financial bureaus or financial offices. These institutions will now handle inquiries in accordance with the updated Payment Services Act.