Reserve Bank of India and ASEAN Countries to Create a Platform to Facilitate Instantaneous Cross-Border Retail Payments

The Reserve Bank of India (RBI) has joined Project Nexus, a multilateral initiative to enable instant cross-border retail payments by connecting domestic Fast Payment Systems (FPSs). Launched by the Bank for International Settlements’ Innovation Hub, Nexus will interlink FPSs from India, Malaysia, the Philippines, Singapore, and Thailand, with Indonesia participating as a special observer. An agreement was signed on June 30, 2024, in Basel, Switzerland, by the central banks of these countries. Scheduled to go live by 2026, Nexus aims to enhance the efficiency, speed, and cost-effectiveness of international retail payments, with potential expansion to additional countries in the future.