The central banks of five countries, including Thailand, India, Malaysia, the Philippines, and Singapore, have announced the establishment of Nexus Global Payments (NGP), a non-profit conglomerate aimed at creating an instant payment system (IPS) for cross-border money transfers.
Initiated by the Bank for International Settlements (BIS), Nexus aims to modernize the process of connecting international banks by utilizing ISO 20022 APIs and creating an open ecosystem for convenient cross-border money transfers. Once the Nexus system is fully operational, it is expected that the entire transfer process will reach the destination within 60 seconds.
Within Nexus, each service provider operates independently, such as currency exchange providers and connectivity providers, who can determine their own service fees and display them to users transparently. Banks can easily connect to Nexus through a single point of integration, streamlining the traditional process of connecting to each country individually.
NGP is currently in the process of selecting experts to develop and implement the project, with BIS serving as a consultant for future initiatives.
TLDR: Central banks of five countries establish Nexus Global Payments for instant cross-border money transfers, aiming to revolutionize the international banking system through modernized processes and independent service providers.
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