RBI and ASEAN Nations to Launch Instant Cross-Border Payment Platform by 2026
The Reserve Bank of India and ASEAN countries have agreed to create a platform for instant cross-border retail payments, expected to be operational by 2026. The initiative, Project Nexus, will interlink domestic fast payment systems of participating countries. This platform aims to make cross-border payments more efficient, faster, and cost-effective.
![RBI and ASEAN Nations to Launch Instant Cross-Border Payment Platform by 2026](https://devdiscourse.blob.core.windows.net/aiimagegallery/21_06_2024_04_48_07_847805.png)
- Country:
- India
The Reserve Bank of India (RBI) and ASEAN countries have embarked on a landmark project to establish a platform for instant cross-border retail payments by 2026.
RBI announced joining Project Nexus, spearheaded by the Bank for International Settlements (BIS), targeting efficient, fast, and cost-effective retail payments.
The collaborative effort includes Malaysia, the Philippines, Singapore, Thailand, and India as founding members, with an agreement signed in Basel, Switzerland.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
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