KUALA LUMPUR, March 30 — Malaysia, together with four Asean countries will participate in the next phase of multilateral cross-border payment connectivity known as Project Nexus,...
KUALA LUMPUR, March 30 — Malaysia, together with four Asean countries will participate in the next phase of multilateral cross-border payment connectivity known as Project Nexus, said Bank Negara Malaysia .
“This project has tremendous potential for the region. Consumers will be able to enjoy cheaper, faster and more transparent payment and fund transfers among the participating countries in the future. “During the experiment, cross-border payments were successfully credited into a beneficiary’s account within 60 seconds,” it said.It said the gateway acts as a central platform for IPSs to connect to and manage instant cross-border payments and fund transfers, and payment-related processes such as payment messaging, currency conversion, and compliance screening.
Among other factors to be considered was the governance arrangement for the entity that would eventually manage and operate the Nexus solution, it said.
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