Project Nexus aims to enable instant cross-border payments by connecting multiple domestic instant payment systems (IPS) globally. The project has produced a comprehensive blueprint for standardising the way that domestic IPS connect, lowering the obstacles for countries that wish to offer instant cross-border payments.
This latest 2024 report is the result of a year-long collaboration with the central banks and payment system operators of Indonesia, Malaysia, Singapore, the Philippines and Thailand. It describes the:
- governance, scheme and oversight arrangements that accommodate the regulatory differences between countries while ensuring appropriate risk management, safety, efficiency and resilience for all Nexus payments;
- business and revenue model for Nexus to ensure financial self-sufficiency and ensure that key industry participants have strong incentives to join Nexus; and
- the Nexus technology architecture and operational model, building on the insights from the software developed in the 2022 proof of concept (described in the Annex).
The report is complemented by in-depth technical guides that cover implementation guidelines for each type of participant in Nexus along with ISO 20022 message and API specifications.
See the Nexus project page for the latest updates as Nexus goes from concept into live implementation.
Project Nexus: enabling instant cross-border payments
This extract from a webinar held on 5th April 2023 explains the problem that Nexus solves, the proof of concept, and the lessons learnt for the payments industry.