Project Nexus: enabling instant cross-border payments

Nexus is a BIS Innovation Hub (BISIH) project which explores how to build on the success of domestic instant payments to improve the speed, cost, transparency and accessibility of cross-border payments.

Cross-border payments could be significantly improved by linking up domestic instant payment systems (IPS) in multiple countries. Nexus makes it easier to interlink multiple IPS through a standardised and multilateral approach. The BISIH Singapore Centre has built a working prototype of Nexus and used it to connect the test systems of three established IPS in the Eurosystem, Malaysia and Singapore.

This extract from a webinar held on 5th April 2023 explains the problem that Nexus solves, what we did in the proof of concept, and the lessons learnt for the payments industry.

Further information about Nexus and the next phase of work is available at https://www.bis.org/about/bisih/topic....