Project Nexus
Project Nexus is a multilateral international initiative that seeks to interconnect domestic fast payment systems, enabling cross-border instant retail payments. Recently the Reserve Bank of India has joined Project Nexus.
Project Nexus
- Project Nexus is the first BIS Innovation Hub project to promote cross border payments by connecting instant payment systems globally.
- It has been conceptualized by the Bank for International Settlements Innovation Hub.
Project Nexus members:
- FPS of four countries of the Association of South-East Asian Nations (ASEAN) – Malaysia, Thailand, Singapore and Philippines and India. Their purpose is to connect. These countries will be the first proponent countries and founding members of this forum.
- In the coming time, Indonesia will also join this platform.
Benefits of Project Nexus:
- It organizes the way instant payment systems are linked globally.
- It provides a single platform, eliminating the need for custom connections with the new country.
- The addition of instant payment systems will enable cross-border payments to be made from sender to recipient in just a few seconds in most cases.
- A single connection allows the instant payment system to reach all other countries on the network.
Bank for International Settlements (BIS):
- It was established in 1930.
- It is owned by 63 central banks. These banks represent countries around the world whose world GDP It contributes about 95 percent.
- Its headquarters is in Basel, Switzerland and it has two representative offices in Hong Kong and Mexico City.
It provides the following facilities to the central banks, such as-
- A platform for taste and international collaboration.
- A platform for responsible innovation.
- Strong financial services etc.
