BSP sees cross-border payment connectivity in 2-3 years bworldonline.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bworldonline.com Daily Mail and Mail on Sunday newspapers.
BIS Innovation Hub Singapore Centre has used the Nexus prototype to connect the test versions of three established ISPs, from the Bank of Italy, Central Bank of Malaysia and Monetary Authority of Singapore
The Philippines expects cross-border real-time payments in Southeast Asia to start soon after the Bank for International Settlements successfully linked several instant payments systems around the world.
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<li>To enhance cross-border payments, the BIS Innovation Hub Singapore Centre developed the Nexus concept of a first-of-its-kind multilateral network connecting multiple domestic instant payment systems (IPS).</li>
<li>Nexus prototype successfully connected the test IPS of the Eurosystem, Malaysia and Singapore, allowing payments to be sent across the three using only mobile phone numbers.</li>
<li>In the next phase, BIS and the central banks of Indonesia, Malaysia, the Philippines, Singapore and Thailand will jointly work towards connecting their domestic IPS through Nexus.</li>
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