certify
Home arrow Article arrow Article Detail

Bank for International Settlements Launches Project Nexus to Revolutionize Cross-border Payments

Profile Image

Pavan A Follow

INDIA

Mar, 29 2023

Mar, 29 2023

likes | comments 0

Article Image

The Bank for International Settlements (BIS) Innovation Hub is driving a multi-party project called ‘Project Nexus,’ aimed at supporting the G20’s goals of improving cross-border payments' cost, speed, access, and transparency. The project has now completed its technical proof-of-concept phase, which involved three central banks, and is set to move on to the next stage.

 

The primary objective of Project Nexus is to build a global retail payments network on top of existing instant payments systems (IPS) managed by central banks, allowing small-value payments to cross borders in less than 60 seconds.

 

According to the report, Nexus is intended to standardize the way these systems communicate with one another. Instead of establishing custom connections for each new nation to which a payment system operator connects, a single connection to the Nexus platform would allow a fast payment system to access all countries in the network.

 

The Nexus concept is the first multilateral network of its kind connecting multiple domestic instant payment systems. Indonesia, Malaysia, the Philippines, Singapore, and Thailand have planned to connect their domestic IPS through Nexus.

 

The new approach will increase payment efficiency while also fostering ASEAN's economic expansion. Businesses can quickly and conveniently transfer, receive, and manage payments by cutting out the middlemen and saving expenses.

 

Faster fund flows and more effective operations will follow, enabling businesses to focus on giving customers better goods and services. In addition, by making it simpler for those who have historically been underserved or unbanked to access financial services, this new system will help expand financial inclusion.


likes | comments 0

Profile Image

Pavan A

CBW - External Analyst

INDIA

Comments
Data Centre Construction - World First artificial intelligence AI-Tech Utility Token
banner
Article
Robinhood Delists Cardano, Polygon and Solana Following SEC Labeling Them As Securities

Following this week's accusations filed by the US Securities and Exchange Commission against two significant cryptocurrency exchanges, the brokerage business Robinhood has chosen to delist few firms;

Disclaimer: The information is for informational purposes only.​ This advertisement does not constitute financial advice or any other advice. You should consult with a financial professional to determine what may be best for your individual needs. None of the information and/or content available through this advertisement is intended as an offer or solicitation of an offer to buy or sell, or as a recommendation, endorsement, or sponsorship of any company, financial product, security or commodity. To the maximum extent permitted by law, we disclaim any and all liability in the event any information, commentary, analysis, opinions, advice and/or recommendations prove to be inaccurate, incomplete or unreliable or result in any investment or other losses. In Making the investment decision, investors must rely on their own examination of the issuer and the terms of the offerings, including the merits and risks involved. Investments are speculative, illiquid, and involve a high degree of risk , including the possible loss of investment.