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ALTERNATIVES TO THE SWIFT PAYMENT SYSTEM: THE EMERGING GLOBAL PAYMENTS LANDSCAPE Why in the News? The recent BRICS Summit renewed discussion on increasing trade and payments in national currencies, amid growing concerns over the use of financial sanctions and the dominance of the SWIFT–dollar correspondent banking system. Proposals involving CBDC interoperability and alternative payment infrastructures …
Read MoreHOW BRICS IS CHALLENGING SWIFT Syllabus: GS-2: Bilateral, Regional and Global Grouping and agreements involving India. Why in the News? The BRICS grouping — Brazil, Russia, India, China, and South Africa, along with new members such as Iran — is advancing efforts to challenge Western financial dominance through initiatives like BRICS Pay, a proposed cross-border …
Read MoreWhy in the news? The Reserve Bank of India joined Project Nexus to enable instant cross-border retail payments by interlinking domestic Fast Payments Systems. The initiative aims to connect the FPSs of India, Malaysia, the Philippines, Singapore, and Thailand, enhancing cross-border payments.p source:scribd About Project Nexus: Purpose: Nexus connects multiple national payment systems into a …
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