BIS Innovation Hub (BISIH) Singapore Center has announced its next phase. project nexuswhich aims to enable instant cross-border payments.
Central banks and instant payment system (IPS) operators in India, Malaysia, the Philippines, Singapore and Thailand will work with BISIH to move towards practical implementation.
Indonesia will continue to participate as a special observer.
As part of its efforts to link TARGET Instant Payment Payments (TIPS) with other fast payment systems, the euro area’s monetary authority, the Eurosystem, has announced its intention to join Project Nexus.
Launched in November 2018, TIPS enables real-time payments across Europe and facilitates instant transfers between European banks.
Due to its involvement in the project so far, the Eurosystem will retain special observer status.
More than 70 countries have now deployed IPS, enabling domestic payments to be sent within seconds at little cost to senders or recipients.
Project Nexus aims to extend this efficiency to international transactions, ensuring cross-border payments reach recipients within 60 seconds.
The initiative follows a successful proof of concept in 2022 involving the Eurosystem, Malaysia and Singapore, with further collaboration with central banks and IPS operators in Indonesia, Malaysia, the Philippines, Singapore and Thailand.
Nexus is designed to streamline connectivity between domestic IPS, allowing a single link to reach all other countries on the network.
of Latest report for 2024 Provides an overview of Nexus’ governance, business model, and technical architecture, as well as implementation guides for participants, including ISO 20022 message and API specifications.
Featured image: Edited from freepic
