Conceived by the Innovation Hub of the Bank for International Settlements (BIS), Nexus aims to connect India's UPI (Unified Payments Interface) with the faster payment systems of ASEAN members, the Philippines, Singapore and Thailand. RBI said that these four countries and India will be the founding members and first-mover countries of this platform.
An agreement to this effect was signed by the BIS and the central banks of the founding countries i.e. Bank Negara Malaysia (BNM), Bank of Thailand (BOT), Bangko Sentral ng Pilipinas (BSP), Monetary Authority of Singapore (MAS). and the Reserve Bank of India in Basel, Switzerland on June 30, 2024, according to an RBI statement.
Indonesia, which has been involved since the early stages, is included as a special observer.
RBI is collaborating bilaterally with various countries to link India's Fast Payment System (FPS) - Unified Payment Interface (UPI) with their respective FPSs for cross border person-to-person (P2P) and person-to-merchant (P2M) payments. doing.
"While India and its partner countries can benefit through such bilateral connectivity of fast payment systems, a multilateral approach will further accelerate our efforts in expanding the international reach of Indian payment systems," the RBI said.
This platform can be extended to more countries in future. The platform is expected to go live by 2026. The RBI statement said that once functional, Nexus will play an important role in making retail cross-border payments efficient, faster and more cost-effective.
An agreement to this effect was signed by the BIS and the central banks of the founding countries i.e. Bank Negara Malaysia (BNM), Bank of Thailand (BOT), Bangko Sentral ng Pilipinas (BSP), Monetary Authority of Singapore (MAS). and the Reserve Bank of India in Basel, Switzerland on June 30, 2024, according to an RBI statement.
Indonesia, which has been involved since the early stages, is included as a special observer.
RBI is collaborating bilaterally with various countries to link India's Fast Payment System (FPS) - Unified Payment Interface (UPI) with their respective FPSs for cross border person-to-person (P2P) and person-to-merchant (P2M) payments. doing.
"While India and its partner countries can benefit through such bilateral connectivity of fast payment systems, a multilateral approach will further accelerate our efforts in expanding the international reach of Indian payment systems," the RBI said.
This platform can be extended to more countries in future. The platform is expected to go live by 2026. The RBI statement said that once functional, Nexus will play an important role in making retail cross-border payments efficient, faster and more cost-effective.