Towards global real-time payments interoperability
Establishing a blueprint for instant cross-border payments
On 28 July 2021, the Monetary Authority of Singapore (“MAS”) published a report on the Nexus blueprint, a multilateral framework to enhance global real-time retail payments network connectivity (the “Report”). The Report was produced in collaboration with the Bank for International Settlements Innovation Hub (“BIS Innovation Hub”).
The Report aims to:
- help countries understand how they can fully integrate their retail payment systems onto a single cross-border network, allowing customers to make cross-border transfers instantly and securely via their mobile phones or internet devices; and
- bring together like-minded regulators and instant payments operators along with global bodies to make real-time cross-border payments a reality in the next two to four years.
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