RBI joins Project Nexus for instant cross-border retail payments | What is Project Nexus |ENSURE IAS

#PROJECTNEXUS #RBI #UPSC
RBI joins Project Nexus for instant cross-border retail payments | What is Project Nexus |ENSURE IAS
The Reserve Bank of India (RBI) has joined Project Nexus, a multilateral international initiative to enable instant cross-border retail payments by interlinking domestic Fast Payments Systems (FPSs). India’s Unified Payments Interface (UPI) and FPSs of Malaysia, the Philippines, Singapore and Thailand will be interlinked through Nexus. Going ahead, the platform can be extended to more countries.
Project Nexus is conceptualised by the Innovation Hub of the Bank for International Settlements (BIS). It seeks to enhance cross-border payments by connecting multiple domestic instant payment systems (IPS) globally. It is the first BIS Innovation Hub project in the payments area to move towards live implementation.
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RBI joins Project Nexus for instant cross-border retail payments
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[@RiyaTanwar-m6c]

I learned so much from this video, great work!

[@radhikaagarwal9602]

Great initiative. Thank you for the info.

[@aashitomer7767]

Great explanation

[@tarishijaisingh1884]

Very helpful information 🙌🏻