CURRENT AFFAIRS
CURRENT AFFAIRS
Description
The Reserve Bank of India (RBI) has joined Project Nexus, a global initiative to make it easier for consumers to move money immediately across borders. To do this, Fast Payment Systems (FPSs) from several nations are linked together. In this scheme, India's Unified Payments Interface (UPI) will connect to the FPSs of Malaysia, the Philippines, Singapore, and Thailand. It's all part of the project.
About Project Nexus
The Bank for International Settlements (BIS) Innovation Hub launched Project Nexus to create a new way of doing things in international payments. Nexus' primary purpose is to improve international money transfers by seamlessly integrating various local Instant Payment Systems (IPS). With this pledge, Project Nexus will be BIS Innovation Hub's first live implementation-focused project for the payments industry. The project's platform promotes an open, rapid, and secure environment for transmitting money across borders, including connectivity for both Person to Person (P2P) and Person to Merchant (P2M) payments.
Advantages Of Project Nexus
Project Nexus is unique in that it can standardize connectivity ways for rapid payments worldwide. Previously, each country's FPS required unique ties to one another. With Nexus, these systems just require one means to connect to the platform. This simplifies the procedure and saves both time and money on integration. Some of the most significant benefits include speedier purchases (typically completed in less than 60 seconds) and reduced expenses, which lead to more and happier consumers.
Membership And Expansion
Founding Members of Project Nexus- At its inception, Project Nexus will include the Fast Payment Systems (FPSs) of four Association of Southeast Asian Nations (ASEAN) countries—Malaysia, the Philippines, Singapore, and Thailand—along with India. These nations, acknowledged as the Nexus platform's founding members, formalized their participation and mutual commitment at a signing ceremony in Basel, Switzerland, on June 30, 2024.
Future Expansion Plans- Looking ahead, several countries, such as Indonesia, have expressed interest in joining the project, indicating potential expansion and greater interconnectivity within global payment networks.
Economic Impact and Efficiency- The Reserve Bank of India (RBI) and its partners aspire to develop the economy so that digital transactions across borders are not only feasible, but also as common and efficient as those done within the country.
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