European Central Bank Embarks on Work to Interlink Target with UPI and Nexus Global Payments
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The European Central Bank is beginning work to interlink the Eurosystem’s Target Instant Payment Settlement (Tips) with India’s Unified Payment Interface (UPI) and other real-time payment networks across Asia.
The initiative aims to simplify cross-border Payments for businesses and consumers, including remittances. The ECB says the decision follows positive findings from exploratory work with Indian and Asian payment systems, detailed in its most recently published update.
The bank will now move into the realisation phase for connecting Tips with UPI while completing legal and technical preparations. UPI handles some of the largest instant payment volumes globally, and India is among the top recipients of euro area remittances.
The ECB will take a similar approach with Nexus Global Payments, which will initially link the fast payment rails of Malaysia, the Philippines, Singapore, Thailand, and India. The long-term plan is to extend these corridors further, with Swiss Interbank Clearing.
Keep scrolling down to see more news about FinTech that made headlines this week, and I'll be back soon with more updates!
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Embedded Finance and African Inclusion by DashDevs
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