Bank Negara Malaysia and PayNet to augment cross-border transactions

Monday 15 November 2021 13:35 CET | News

Malaysia-based payments network PayNet and Bank Negara Malaysia have taken part in Project Nexus by working together to enhance the cost and speed of international payments.

Project Nexus will aim to look into the overall feasibility of connecting the real-time payment systems in Malaysia, Singapore and the Euro area. This includes the Real-time Retail Payments Platform (RPP/DuitNow) in Malaysia, the Fast and Secure Transfers (FAST/PayNow) in Singapore, and the Target Instant Payment Settlement (TIPS) in the euro area, the announcement revealed.

Spearheaded by the Bank for International Settlements (BIS) Innovation Hub, Project Nexus is aligned with the G20 Roadmap for streamlining cross-border transactions. Other global partners taking part in the initiative include Banca d’Italia, the Monetary Authority of Singapore (MAS) and the Banking Computer Services (BCS).

The results will be released by the end of 2022 and the prototypes created via the PoC will not be available to the general public at this stage, the announcement confirmed.

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Keywords: cross-border payments, real-time payments, online payments, PayNet, Monetary Authority of Singapore (MAS)
Categories: Payments & Commerce
Countries: Malaysia
This article is part of category

Payments & Commerce