"NPCI launches ASBA-like facility for secondary market"
The National Payments Corporation of India will begin it's beta testing of their new foreign currency exchange mechanism and more in their Secondary Market on January 1st, 2024.This means that the actual transaction will only be completed when confirmation on both sides of a trade are confirmed. T+1 settlement processing will take place all in one day.
Only a select few countries have been chosen to test this Secondary Market. The US, Indonesia, Iraq, Vietnam, and a few other countries will be processing their new local currencies on this new digital payment system.
This new digital payment settlement mechanism will support the following:
* key stakeholders
* clearing corporations
* stock exchanges
* depositories
* stockbrokers
* banks
* UPI app providers
* And much more...
Now, we are expanding and testing the new system with several countries in January 2024.
© Goldilocks
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* key stakeholders
* clearing corporations
* stock exchanges
* depositories
* stockbrokers
* banks
* UPI app providers
* And much more...
Now, we are expanding and testing the new system with several countries in January 2024.
© Goldilocks
Inc42 Link
Live Mint Link
Investopedia Link
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