Decoded: What is Nexus and how it will help India stit­ch bilateral deals

At a time when India is looking to popula­rise its payment products such as homegrown card network RuPay and Unified Pay­ments Interface (UPI) globally by stit­ching bilateral deals with other countries, one view is that, perhaps, India could join “Nexus”, the Bank for International Settlements’s blueprint for 24/7 real-time cross-border payments. Let’s find out what this open network is and how it works.

What is Nexus?
 

Conceptualised by the Bank for International Settlements (BIS), Nexus is a model for con­necting instant payment systems (IPS) of various countries through a platform to en­able faster cross-border payments that will also be ch­e­a­p­er, easier