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Is Project Nexus a Model for Global Instant Cross-Border Payments?

Fintech News

The Bank for International Settlements (BIS) and its partners have revealed the comprehensive blueprint for phase three of Project Nexus, which seeks to address longstanding challenges in international money transfers by leveraging the power of domestic instant payment systems (IPS). How Does Project Nexus Work?

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Resolving the challenges of cross-border payments

Finextra

Join FinextraTV live at NextGen Nordics 2024 with Patrik Havander, Head of Visa B2B Connect Europe, as we delve into the landscape of B2B cross-border payments.

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PayFuture Expands Into Pakistan, Enabling Global Brands to Enter the High-Growth Market

Fintech Finance

In 2024, Pakistan’s retail payments saw remarkable growth, with transaction volumes rising from 4.7 The widespread use of digital wallets has helped drive the major shift towards ecommerce, with approximately 87% of digital payments made through wallets, compared to 78% in 2023 – while only 13% were through payment cards.

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BIS to launch cross-border payments platform

The Paypers

The central banks of India, Malaysia, Thailand, Singapore, and the Philippines have announced their plans to launch an instant cross-border retail payments platform.

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2024 Payment Methods Report: Overview, Insights, and Statistics

Clearly Payments

Global Usage : Debit cards accounted for 23% of online retail payments worldwide in 2023, with particularly high use in markets such as Canada, where over 60% of consumers prefer debit cards over credit.

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Is 2025 Finally the Year for Open Finance in Southeast Asia?

Fintech News

Similarly, Project Nexus , spearheaded by the Bank for International Settlements (BIS), aims to improve cross-border payment systems through faster, cheaper, and more transparent transactions. The initiative seeks to establish multilateral linkages of national retail payment systems.

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International Payments Group Champions Faster Cross-Border Payments

PYMNTS

Individual jurisdictions around the globe are pressing for both faster and more efficient cross-border payments. China’s central bank, for instance, took steps last month to boost the efficiency of cross-border transactions involving Chinese parties by lengthening its clearing window time span. In the U.S.,