RBI Joins Project Nexus: Instant Cross-Border Payments Initiative

MUMBAI: RBI has recently announced its participation in Project Nexus, an innovative initiative aimed at facilitating instant cross-border retail payments by connecting domestic Fast Payment Systems (FPS).

Nexus will initially integrate India’s Unified Payments Interface (UPI) with the FPS of Malaysia, the Philippines, Singapore, and Thailand by the next year. Indonesia is also expected to join the platform in the near future.

“In my view, the most significant benefit of Project Nexus will be to streamline cross-border payments, making them faster and more cost-effective. This sets the stage for enhanced international cooperation among countries to facilitate quicker cross-border remittances at a reduced cost,” stated RBI governor Shaktikanta Das during the signing of the agreement on Sunday.