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UPSC » Daily News Analysis ‘What is Project Nexus that RBI has signed up for?’: 2 July

Daily News Analysis ‘What is Project Nexus that RBI has signed up for?’: 2 July

RBI has joined Project Nexus, a multilateral international initiative to enable instant cross-border retail payments by interlinking domestic Fast Payments Systems (FPSs).

Table of Content

About Project Nexus: 

  • 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.
  • It will help in cross-border Person-to-person (P2P) and Person to Merchant (P2M) payments within 60 seconds.

Which countries have joined the platform?

  • Project Nexus aims to connect the FPSs of four Association of Southeast Asian Nations (ASEAN) — Malaysia, Philippines, Singapore, and Thailand; and UPI of India, who would be the ‘founding members’ and first mover countries of this platform.

Why in the News?

  • RBI has joined Project Nexus, a multilateral international initiative to enable instant cross-border retail payments by interlinking domestic Fast Payments Systems (FPSs).Â