Nexus cross-border payments bridge

10 May 2021

Nexus is a proposed cross-border payments bridge that connects multiple domestic fast payment systems (FPS). It aims to enable cross-border payments in less than 60 seconds. 

Nexus is a proposed cross-border payments bridge that connects multiple domestic fast payment systems (FPS). It aims to enable cross-border payments in less than 60 seconds.

FPS enable payments to be made within a country within seconds rather than hours or even days. Connecting these FPS across borders could improve the speed, cost and transparency of cross-border payments.

Some existing projects aim to connect FPS between two countries, such as the link between Singapore's PayNow and Thailand's PromptPay. Nexus draws on the key lessons from these projects to explore an approach to linking FPS that would be more scalable when multiple countries are involved. A key challenge is that each FPS uses different technology, data standards and policies, so it becomes prohibitively expensive and complex to build multiple bilateral (one-to-one) integrations. Nexus addresses this scaling challenge by building a hub or "bridge" to which multiple FPS connect. Each new country would only need to connect their FPS to the Nexus platform once, using APIs and standardised data messages (ie ISO 20022), and could then route payments to all other countries in the network.

The BIS Innovation Hub will publish a blueprint for Nexus before gauging interest from the industry and central banking community in taking the proposal forward.