{"id":303115,"date":"2024-07-02T18:47:52","date_gmt":"2024-07-02T13:17:52","guid":{"rendered":"https:\/\/forumias.com\/blog\/?p=303115"},"modified":"2024-07-02T18:47:52","modified_gmt":"2024-07-02T13:17:52","slug":"project-nexus-of-rbi","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/project-nexus-of-rbi\/","title":{"rendered":"Project Nexus of RBI"},"content":{"rendered":"<p><strong>Source<\/strong>-This post on<strong> Project Nexus of RBI <\/strong>\u00a0has been created based on the article \u201c<a href=\"https:\/\/indianexpress.com\/article\/explained\/explained-economics\/what-is-project-nexus-that-rbi-has-signed-up-for-9427023\/\" target=\"_blank\" rel=\"noopener\">What is Project Nexus that RBI has signed up for?<\/a>\u201d published in \u201c<strong>The Indian Express<\/strong>\u201d on 2 July 2024.<\/p>\n<h2>Why in the news?<\/h2>\n<p>Recently, the Reserve Bank of India (RBI) has joined <span style=\"color: #ff0000;\">Project Nexus<\/span>. It is to <span style=\"color: #ff0000;\">expand the international reach of India&#8217;s Unified Payments Interface<\/span> (UPI). This involvement aims to facilitate instant <span style=\"color: #ff0000;\">cross-border Person to Person<\/span> (P2P) and <span style=\"color: #ff0000;\">Person to Merchant<\/span> (P2M) payments.<\/p>\n<p><strong>About Project Nexus<\/strong><\/p>\n<figure style=\"width: 405px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/images.indianexpress.com\/2024\/07\/rbi-explained.jpg?resize=405%2C228&#038;ssl=1\" alt=\"Project Nexus \" width=\"405\" height=\"228\" \/><figcaption class=\"wp-caption-text\">Source: IndianExpress<\/figcaption><\/figure>\n<p><strong>1) About:<\/strong> It is a <span style=\"color: #ff0000;\">multilateral international initiative<\/span> to enable instant cross-border retail payments by interlinking<span style=\"color: #ff0000;\"> domestic Fast Payments Systems<\/span> (FPSs).<\/p>\n<p><strong>2) Initiated by: <\/strong>Project Nexus is <span style=\"color: #ff0000;\">conceptualised by the Innovation Hub<\/span> of the Bank for International Settlements (BIS).<\/p>\n<p><strong>3) Goal:<\/strong> Its goal is to enable <span style=\"color: #ff0000;\">instant cross-border retail payments<\/span> by interlinking domestic Fast Payment Systems (FPSs) globally.<\/p>\n<p>4) It is the first BIS Innovation Hub project in the payments area to move towards live implementation.<\/p>\n<p><strong>5) Objective:<\/strong> The project aims to <span style=\"color: #ff0000;\">standardize the way Instant Payment Systems<\/span> (IPS) connect to each other. This avoids the need for payment system operators to build custom connections for each new country, simplifying the process.<\/p>\n<p>6) <strong>Founding Members: <\/strong>The founding members include <span style=\"color: #ff0000;\">Malaysia<\/span>, <span style=\"color: #ff0000;\">the Philippines<\/span>, <span style=\"color: #ff0000;\">Singapore<\/span>, <span style=\"color: #ff0000;\">Thailand<\/span>, and India. Indonesia will also join the Nexus platform.<\/p>\n<p>These countries signed an agreement with BIS on June 30, 2024, in Basel, Switzerland.<\/p>\n<h3>Key Features and Benefits<\/h3>\n<p><strong>i) Instant Cross-Border Payments: <\/strong>Nexus allows <span style=\"color: #ff0000;\">cross-border payments to be completed within 60 seconds in most cases<\/span>. It enhances the speed and efficiency of international payments.<\/p>\n<p><strong>ii) Single Connection Platform: <\/strong>Operators <span style=\"color: #ff0000;\">can connect to the Nexus platform once<\/span>, gaining access to all other countries on the network. This single connection significantly accelerates the growth of instant cross-border payments.<\/p>\n<p><strong>UPSC Syllabus: Indian Economy\u00a0<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Source-This post on Project Nexus of RBI \u00a0has been created based on the article \u201cWhat is Project Nexus that RBI has signed up for?\u201d published in \u201cThe Indian Express\u201d on 2 July 2024. Why in the news? Recently, the Reserve Bank of India (RBI) has joined Project Nexus. It is to expand the international reach&hellip; <a class=\"more-link\" href=\"https:\/\/forumias.com\/blog\/project-nexus-of-rbi\/\">Continue reading <span class=\"screen-reader-text\">Project Nexus of RBI<\/span><\/a><\/p>\n","protected":false},"author":10366,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[1566,3127],"tags":[11872,10500],"class_list":["post-303115","post","type-post","status-publish","format-standard","hentry","category-daily-factly-articles","category-economy","tag-9pm-daily-factly","tag-indian-express","entry"],"jetpack_featured_media_url":"","views":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/303115","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/10366"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=303115"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/303115\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=303115"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=303115"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=303115"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}