Current transfers are slowed by the patchwork of more than
60 different instant payment networks, so central banks involved
in the new tests have been working on ways to improve the
process.
The Bank for International Settlements (BIS), the central
bank umbrella body, which helped oversee the "Nexus" trials,
said the three countries involved had successfully sent payments
between themselves using only mobile phone numbers.
Looking ahead, the BIS said further trials would be run by
Indonesia, Malaysia, the Philippines, Singapore and Thailand
with the hope that "Nexus could eventually be implemented
globally."
(Reporting by Marc Jones
Editing by Mark Potter)
LONDON, March 23 (Reuters) - A year of tests run by
central banks in Italy, Malaysia and Singapore have spurred
hopes for a global instant payments network accessible at the
tap of a mobile phone.
The ability to send money quickly and cheaply around the
world has long been seen as something of a holy grail for
policymakers due to the advantages it would bring for both
people and companies.
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