Project Nexus : connecting domestic instant payment systems globally

Project Nexus aims to enhance cross-border payments by connecting multiple domestic instant payment systems globally through a standardized approach.

The Nexus project, led by the BIS Innovation Hub, aims to improve cross-border payments by connecting domestic instant payment systems (IPS) globally.

• Phase three of Project Nexus has been completed, with plans to expand participation to include the Reserve Bank of India and its Unified Payments Interface (UPI).
• The establishment of the Nexus Scheme Organisation (NSO) will be pivotal in managing the Nexus scheme and achieving instant cross-border payments at scale, with support from the BIS in an advisory role.

The Bank for International Settlements (BIS) and partners today announced that they have completed the comprehensive blueprint for phase three of Project Nexus, which will allow ready participants to work towards the next stage of seamlessly connecting their instant payment systems.

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Phase three of the project has been completed, and phase four will expand the potential user base to include India’s Unified Payments Interface (UPI). The project’s goal is to standardize the connection between domestic IPS, allowing for seamless cross-border payments.

Phase four will see the participation of Bank Negara Malaysia, Bangko Sentral ng Pilipinas, the Monetary Authority of Singapore, the Bank of Thailand, and domestic IPS operators, along with the Reserve Bank of India. This will expand the potential user base to India’s Unified Payments Interface (UPI), the world’s largest IPS. Bank Indonesia will continue its association with the project as a special observer, following the project in the next stage of its development.

The formation of the Nexus Scheme Organisation (NSO) will help manage the Nexus scheme and work towards achieving instant cross-border payments at scale. The BIS will play a technical advisory role, supporting the live implementation of the project.

Source : Bank of Thailand