RBI and ASEAN Nations to Launch Instant Cross-Border Payment Platform by 2026

The Reserve Bank of India and ASEAN countries have agreed to create a platform for instant cross-border retail payments, expected to be operational by 2026. The initiative, Project Nexus, will interlink domestic fast payment systems of participating countries. This platform aims to make cross-border payments more efficient, faster, and cost-effective.

The Reserve Bank of India (RBI) and ASEAN countries have embarked on a landmark project to establish a platform for instant cross-border retail payments by 2026.

RBI announced joining Project Nexus, spearheaded by the Bank for International Settlements (BIS), targeting efficient, fast, and cost-effective retail payments.

The collaborative effort includes Malaysia, the Philippines, Singapore, Thailand, and India as founding members, with an agreement signed in Basel, Switzerland.