Project Nexus by RBI
Project Nexus, initiated by the BIS Innovation Hub, aims to revolutionize international payments by connecting local Instant Payment Systems (IPS) from various countries. The Reserve Bank of India (RBI) has joined this initiative, linking India's Unified Payments Interface (UPI) with the Fast Payment Systems (FPS) of Malaysia, the Philippines, Singapore, and Thailand. The project standardizes connectivity methods, reducing integration time and costs, and enabling faster transactions, often within 60 seconds. With plans to expand to countries like Indonesia, Project Nexus promises to enhance economic efficiency and financial inclusion, supporting seamless cross-border transactions and global commerce.
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