Nexus could be banking's next big thing, inspired by Indian payments system

Nexus will be like a world wide web of payments, a set of rules any country can adopt.

In the age of smartphones, international wire transfers belong in money museums.

In more than 60 countries, including many developing nations, it has become incredibly easy to send funds in real time to someone else over the internet--knowing nothing more than their mobile phone number. 

However, 24/7 fast payment systems, a technology that’s starting to work pretty well for small-value transfers in domestic situations, have no counterpart when money has to jump over national borders.

For a bank to move funds from one country to another, it needs to either have a presence in both, or keep idle funds to maintain “correspondent” relationships