Explanation – Project Nexus is described as an initiative “to enable instant cross-border payments by connecting multiple domestic instant payment systems (IPS) globally. It is designed to standardize the way domestic instant payment systems connect to each other, allowing a single connection to reach all countries in the network. Nexus, conceptualised by the Innovation Hub of the Bank for International Settlements (BIS), aims to connect FPSs of four ASEAN countries (Malaysia, the Philippines, Singapore, and Thailand); and India, who would be the founding members and first mover countries of this platform.

Source: The Hindu