Project Nexus:

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July 2, 2024

Project Nexus:

Why in News ? The Reserve Bank of India (RBI), along with the Bank for International Settlements (BIS) and central banks of four ASEAN countries, is collaborating on Project Nexus, a multilateral initiative aimed at enabling efficient, faster, and cost-effective retail cross-border payments.

 About it :

  • Nexus is a BIS Innovation Hub project that seeks to enhance cross-border payments by connecting multiple domestic instant payment systems (IPS) globally.
  • The platform is expected to go live by 2026 and will interlink domestic fast payment systems (FPS) of Malaysia, the Philippines, Singapore, Thailand, and India.

About the Bank for International Settlements (BIS):

  • It was established in 1930.
  • It is an international organization that works specifically with central banks. Sometimes referred to as the “central bank for central banks”.
  • The BIS is headquartered in Basel, Switzerland.
  • It aims to promote cooperation between central banks and financial stability globally.

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Project Nexus: | Vaid ICS Institute