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BIS and Partners Launch Project Nexus Phase Three with Pi Network Collaboration, Toward International Instant Payment System Integration

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HOKANEWS.COM
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By: Elena -  The Bank for International Settlements (BIS), alongside its strategic partners, has announced the detailed completion of Phase Three of Project Nexus, paving the way for the next phase in integrating their instant payment system (IPS) internationally.

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Project Nexus marks a significant innovation in the global payment landscape, being the first implementation of an instant payment system that operates cross-border with just a single touch. Close collaboration with central banks and India's Unified Payments Interface (UPI) aims to facilitate more efficient and secure international digital transfers.

Phase Four of Project Nexus will involve the Central Bank of Malaysia, Bangko Sentral ng Pilipinas, Monetary Authority of Singapore, Bank of Thailand, and domestic IPS operators who have previously collaborated. Together, they will work with the Reserve Bank of India to expand potential user bases into India through the Unified Payments Interface (UPI), the world's largest integrated payment system.

Pi Network also contributes to this collaboration through Pi-Nexus-Bank=m(CBDC)Bridge, a platform designed to facilitate cross-chain transactions and enable external connections while maintaining the security of the Pi Network until the Open Mainnet phase. Pi Network's role is crucial in expanding the reach and adoption of a wider international instant payment system.

The collaboration between BIS, Pi Network, and strategic partners in Project Nexus marks a significant step forward in developing a faster, secure, and efficient global payment system.

Background of Project Nexus and its Implications


Project Nexus has been designed as a step forward in enhancing the capabilities of the international payment system. Using innovative technology, the project aims to reduce existing barriers in cross-border money transfers.

Phase Three of Project Nexus signifies a deeper implementation phase of the IPS system, enabling instant and secure transactions between involved countries. Collaboration between BIS and central banks from various Southeast Asian countries also serves as a key point in efforts to enhance regional and global financial integration.


Entering Phase Four, Project Nexus is expected to further consolidate the international instant payment system, opening new opportunities for businesses and individuals to transact more efficiently and cost-effectively.

Pi Network's Role in Project Nexus


Pi Network is not only a part of the collaboration in Project Nexus but also plays a crucial role in facilitating global instant payment system integration. Through Pi-Nexus-Bank=m(CBDC)Bridge, Pi Network enables connections to national and international payment systems, maintaining the integrity of their network while facilitating secure cross-currency transactions.

Pi Network's involvement in Project Nexus also underscores their commitment to delivering reliable and secure blockchain technology for their users worldwide. With a focus on security and scalability, Pi Network continues to expand the scope and adoption of blockchain technology across various economic and global financial sectors.



Future of Project Nexus and Expectations


In the future, BIS and strategic partners, including Pi Network, hope to continue developing Project Nexus to achieve broader and more comprehensive integration into the global payment system. By expanding potential user bases and enhancing trust in instant payment technology, Project Nexus is expected to set a new standard in international financial transactions.


With the announcement of the completion of Project Nexus Phase Three, BIS and its strategic partners have demonstrated their commitment to bringing innovation that positively impacts the global payment system. Collaboration with Pi Network strengthens these efforts by providing a secure and reliable blockchain technology solution to support efficient cross-border transactions.

Project Nexus is not just about technology but also about creating a more integrated and sustainable global financial ecosystem. Therefore, the next steps in Project Nexus are expected to bring greater benefits to the global community in terms of accessibility and efficiency in financial transactions.


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