The Reserve Bank of India (RBI) announced on Friday twenty one November that Unified Payments Interface will be linked with the TARGET Instant Payment Settlement system of the Eurosystem.
In a press release the central bank said that it has been actively pursuing the interlinking of India’s Unified Payments Interface with fast payment systems in other countries. It said this move aims to promote cross border payments by making international money transfers cheaper, faster, more efficient, transparent and accessible.
RBI and NPCI International Payments Limited have been working with the European Central Bank to explore connecting Unified Payments Interface with TARGET Instant Payment Settlement which is operated by the Eurosystem.
After constructive and sustained discussions both sides have agreed to begin the realisation phase for the Unified Payments Interface and TARGET Instant Payment Settlement link.
The Unified Payments Interface and TARGET Instant Payment Settlement connection is expected to support cross border remittances between India and Europe. RBI said that people in both regions are likely to benefit from this initiative.
The central bank said it will continue to work closely with the European Central Bank to put the Unified Payments Interface and TARGET Instant Payment Settlement link into operation. It will also focus on technical integration, risk management and settlement plans.
RBI said these steps are in line with the Group of Twenty roadmap to strengthen cross border payment systems.
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