RBI’s Game-Changing Move: Instant Cross-Border Payments Are Here

RBI cross border payment aggregators

In a significant stride towards enhancing global financial connectivity, the Reserve Bank of India (RBI) has announced its participation in Project Nexus, an ambitious initiative aimed at facilitating instant cross-border retail payments. This collaboration marks a pivotal moment as India joins forces with four ASEAN nations — Malaysia, Philippines, Singapore, and Thailand — under the guidance of the Bank for International Settlements (BIS) Innovation Hub.

Project Nexus, conceptualized to interlink domestic Fast Payments Systems (FPS), promises to revolutionize international transactions by leveraging India’s renowned Unified Payments Interface (UPI). Through bilateral engagements and now a multilateral approach, RBI aims to streamline Person to Person (P2P) and Person to Merchant (P2M) payments across borders.

The initiative, formalized with a signing ceremony on 30th June 2024 in Basel, Switzerland, includes founding members such as Bank Negara Malaysia, Bank of Thailand, Bangko Sentral ng Pilipinas, and Monetary Authority of Singapore. Indonesia’s ongoing involvement as a special observer underscores the platform’s potential for expansion beyond its initial scope.

Scheduled for launch by 2026, Project Nexus holds the promise of making cross-border retail payments more efficient, faster, and economically viable. It is poised to establish a robust framework that not only strengthens financial ties within the ASEAN-India corridor but also sets a precedent for future international financial collaborations.

With the RBI’s proactive stance and strategic partnerships, Project Nexus is set to redefine the landscape of global payments, fostering greater financial inclusion and economic synergy across participating nations. This initiative underscores India’s commitment to advancing financial technology on the global stage, ensuring seamless financial transactions for businesses and consumers alike.

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