With the Bank for International Settlements (BIS) closely following the global payments network SWIFT in a fresh onslaught. The banking sector appears prepared to battle with crypto. And is attempting to defeat cryptocurrencies and their proponents in their backyard.
SWIFT recently announced the introduction of a new service. That allows businesses and consumers to transfer payments quickly and easily directly from their bank accounts, according to Cryptonews.com. With an outline for its new real-time national payment systems linking platform. The BIS has now joined the road of doom.
Crypto’s cross-border flexibility has long been a source of envy for many banks and international organizations, who are still fighting with slower, higher-cost alternatives.
The BIS announced to Cryptonews.com that its Innovation Hub and the Monetary Authority of Singapore (MAS). Singapore’s central bank and main financial regulator – have co-distributed a proposal for improving the global continuous retail payments network availability.
Nexus Initiative
According to a framework suggested by the National Payments Corporation of India in the delivery. Real-time cross-border payments might become a reality in the next two to four years. The enhancement is critical for the parties’ Project Nexus initiative, which promises to provide financial connections with minimal changes.
They added that the proposed outline contains technical norms, operating rules, and standard functionalities. Furthermore, it was developed following a successful collaboration between Singapore and Thailand’s national payment networks, which included the participation of several major central banks.
The BIS backed Nexus Gateways as a solution, claiming that they would be designed and executed by the administrators of participating nations’ national payments systems. Furthermore, it went on to say that this stage will help with difficulties including consistency, foreign exchange conversion, message translation, and payment sequencing.
It also supports a broader Nexus Scheme, which lays out the governance structure and rules for participating retail payment systems, banks, and payment service providers. In order to enable and influence cross-border transactions over the network.
