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RBI joins Project Nexus for instant cross-border retail payments

July 5, 2024

The Reserve Bank of India (RBI) has joined Project Nexus, an international initiative to enable instant cross-border retail payments by interlinking domestic FPS.

RBI has been collaborating bilaterally with various countries to link India’s Fast Payments System (FPS) — the Unified Payments Interface (UPI) — with their respective FPSs for cross-border Person to Person (P2P) and Person to Merchant (P2M) payments.

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