India has joined Project Nexus, a multilateral Nations international project that links the payment systems of different nations to facilitate instantaneous cross-border retail payments.
Asian News International (ANI) said on Monday that Nexus was conceived by the Innovation Hub of the Bank for International Settlements (BIS) to link the payment systems of four ASEAN nations—Malaysia, the Philippines, Singapore, and Thailand—as well as India, which would be the platform’s founding members and first movers.
According to a release from the Reserve Bank of India (RBI), on Sunday, June 30, 2024, in Basel, Switzerland, an agreement was signed by the BIS and the central banks of the founding nations, namely Bank Negara Malaysia (BNM), Bank of Thailand (BOT), Bangko Sentral ng Pilipinas (BSP), Monetary Authority of Singapore (MAS), and the RBI. As an extraordinary observer, Indonesia, which has been involved since the beginning, is still engaged.
The platform might eventually be expanded to more nations, according to the RBI statement. The platform should be operational by 2026. As soon as it is operational, Nexus will be crucial in enhancing retail cross-border payments’ effectiveness, speed, and economy.
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