02/07/2024- The Reserve Bank of India (RBI) has joined forces with four ASEAN nations—Malaysia, the Philippines, Singapore, and Thailand—to create an innovative platform aimed at facilitating instantaneous transactions. This initiative, known as Project Nexus, is set to connect the Fast Payment Systems (FPS) of these countries, enabling seamless Person to Person (P2P) and Person to Merchant (P2M) payments across borders.
Project Nexus, conceptualized by the Innovation Hub of the Bank for International Settlements (BIS), represents a significant step in RBI’s ongoing efforts to link India’s Unified Payments Interface (UPI) with the FPS of various countries through bilateral collaborations. Designed to be expandable, Nexus has the potential to include additional countries in the future.
Set to go live by 2026, Project Nexus promises to significantly enhance the efficiency, speed, and cost-effectiveness of retail cross-border payments, marking a major advancement in international financial cooperation.
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