I will give more information about the American system, and present the French system and the Japanese system.

The American system

The American naming convention is the following:

103(n+1) shall be spelled (n)illion, where (n) is a Latin root for n.

See the write-up by Alias for the examples.

The French system

Webster 1913 is outdated about billion and trillion. Nowadays, the French system is the same as the English system, i.e. 1 billion = 1000 milliards = 1012. The naming convention is the following:

106n shall be spelled (n)illion.

Examples: 1012 = 1 billion, 1018 = 1 trillion, 1024 = 1 quatrillion, and so on.

This rule was enunciated in an appendix of the government decree 61-501 of May 3rd, 1961.

However, common usage says "quadrillion" instead of "quatrillion", and adds intermediate numbers: 1 billiard = 1000 billions, 1 trilliard = 1000 trillions, and so on.

The Japanese system

Not only large numbers have distinct names in Japanese, but they also have distinct characters (kanji), so that you need to learn each of them separately. I will give the pronunciations only.

The basic unit is not 103, but 104. For example, you don't say "3 million yens" in Japanese, but something like "300 tenthousands yens". The numbers are:

    104:  man
    108:  oku
    1012: chou
    1016: kei
    1020: gai
    1024: jo
    1028: jou
    1032: kou
    1036: kan
    1040: sei
    1044: sai
    1048: goku
    1052: kougasha
    1056: asougi
    1060: nayuta
    1064: fukashigi
    1068: muryou
    1072: taisui

See Japanese numbers and counting for more details. gn0sis tells me that they borrowed this system from the Chinese. See Chinese numbers.

Sources: http://www.findtutorials.com/tutorials/japanese/takasugi/largenumber.html
http://www.graner.net/nicolas/nombres/liponombres.html