What is the name of the multilateral initiative aimed at streamlining retail cross-border payments involving RBI and ASEAN countries?

A)
Swift Cross
B)
Global Connect
C)
Unity Payments
D)
Project Nexus

Correct Answer :   Project Nexus


Project Nexus is a collaborative effort between RBI, BIS, and central banks of ASEAN countries to enhance the efficiency, speed, and cost-effectiveness of retail cross-border payments.

Scheduled to launch by 2026, this initiative will integrate domestic fast payment systems across Malaysia, the Philippines, Singapore, Thailand, and India, marking a significant advancement in international payment systems.

Published On : July 2, 2024