FIVE central banks in Asia, including the Bangko Sentral ng Pilipinas (BSP), are preparing for the implementation of a cross-border retail payments platform under a Bank of International Settlement's (BIS) initiative.
FIVE central banks in Asia, including the Bangko Sentral ng Pilipinas , are preparing for the implementation of a cross-border retail payments platform under a Bank of International Settlement's initiative.The BIS, dubbed the central bankers' central bank, said its Project Nexus aimed to link the instant payment systems of the Philippines, India, Malaysia, Singapore and Thailand.
Phase four, which was launched on Sunday in Switzerland, will see the central banks of Singapore, Malaysia, the Philippines and Thailand — who worked together in phase three — joined by the Indian central bank, whose IPS is said to be the largest in the world.The partner central banks and IPS operators have also agreed to work on the establishment of the Nexus Scheme Organization , which will be responsible for managing the overall scheme.
Four Asian Countries To Link Payments Systems
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