Q. In the context of cross border transactions, the ‘Project Nexus’ refers to –

[A] A new global cryptocurrency for international payments

[B] A system to replace existing domestic instant payment systems

[C] A platform for direct currency exchange between central banks

[D] An initiative to connect multiple domestic instant payment systems globally for faster cross-border payments.

Answer: D

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