India To Create Cross-border Retail Payment platform with Nations
CIOTechOutlook Team | Monday, 01 July 2024, 10:08 IST

The agreement was signed on Sunday, June 30, 2024, in Basel, Switzerland, by the BIS and the central banks of the founding countries -- Bank Negara Malaysia (BNM), Bank of Thailand (BOT), Bangko Sentral ng Pilipinas (BSP), and the RBI, according to a statement from the Reserve Bank of India (RBI).
Indonesia, which has been required from the beginning phases, keeps on being required as a unique spectator. According to the RBI statement, the platform might be made available to additional nations in the future. By 2026, the platform is expected to go live. Once functional, Nexus will assume a key part in making retail cross-line installments proficient, quicker, and more financially savvy. RBI has been partnering bilaterally with several countries to link India's digital public infrastructure -- Unified Payments Interface (UPI) -- with their respective counterparts for cross-border payments.
While bilateral connectivity of fast payment systems can continue to benefit India and its partners, a multilateral approach like Nexus will make such efforts to expand Indian payment systems and international reach.
CIO Viewpoint
Empowering Women: Shaping the Future of Industry
By CIOTechOutlook Team
Scaling AI: Finding the right Biztech...
By Sujatha Gopal, CTO - Communications, Media & Information Services (CMI), Tata Consultancy services
Gen AI: Transforming Cloud Solutions for...
By Matt Yanchyshyn, VP - AWS Marketplace & Partner Services, AWS
CXO Insights
What's your Innovation Strategy?
By Prashant Lalchandani, Practice Lead - BFS Transformation, Capgemini FS SBU
Migrating to the Cloud - Why you Should...
By Pankaj Sabnis, Principal Architect - Cloud Computing, Infogain
e-Health: The Changing Face of Healthcare