Central bank tests spur global instant payment hopes

Central banks in Singapore, Italy, and Malaysia have spent a year testing a global instant payment network that can be accessed through mobile phones. This has ignited hope for a more efficient and cost-effective way of sending money around the world.

The implementation of a global instant payment system has long been seen as a significant advantage for companies and individuals alike. With over 60 different networks currently available, the process of sending transfers is slow and fraught with difficulties. In light of this, the central banks involved in the tests have identified areas to improve the process.

The Bank for International Settlements (BIS), which oversaw the “Nexus” trials, reports that the three countries successfully sent payments between themselves using only mobile phone numbers. The BIS plans to conduct further trials with Indonesia, Malaysia, the Philippines, Singapore, and Thailand. The ultimate goal is to implement “Nexus” around the world.

(Reporting by Marc Jones; Editing by Mark Potter)

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