Nexus Overview
Last updated
Last updated
Nexus is a BIS Innovation Hub project. This site contains detailed technical and functional information about Nexus, and is written for the payment system operators, banks, payment service providers and FX Providers who may be participating in Nexus.
If you are new to Nexus, we recommend starting with chapter 2 the latest (2024) Nexus report for an overview of the scheme & governance, business model and technology architecture of Nexus.
The Nexus project page includes the latest updates to the project
This site contains detailed technical documentation, covering:
implementation guides for each type of participant in Nexus
ISO 20022 message specifications for Nexus
API specifications [to follow]
Nexus is not yet operational, and the information on this site will be updated as the design of Nexus is refined and improved.
More than 70 countries already have instant (or "fast") payment systems that allow people to send money to each other within seconds. However, sending money abroad is often still slow and expensive. Connecting these domestic payment systems internationally could improve the speed, cost and transparency of cross-border payments.
Nexus is designed to standardise the way that these systems connect to each other. Rather than a payment system operator building custom connections for every new country that it connects to, the operator can make one connection to the Nexus platform. This single connection allows an instant payments system to reach all other countries in the network. Nexus could significantly accelerate the growth of instant cross-border payments
The Nexus blueprint has been developed over 3 years with significant input from instant payment system operators, central banks, commercial banks and payment service providers and FX providers who have a significant presence in FX markets and cross-border payments. We welcome further feedback and suggestions to enhance the blueprint.
In the next phase of work, BIS IH Singapore Centre is collaborating with the central banks of India, Malaysia, the Philippines, Singapore and Thailand as they prepare to connect their domestic payment systems. Please refer to the Nexus project page for the latest news on implementation of Nexus.
This overview report explains the benefits of linking IPSs to provide cross-border payments and how Nexus could accelerate the growth of instant cross-border payments. It describes the scheme & governance, business model and technology architecture for Nexus. It builds on a year-long collaboration with 5 central banks and their payment system operators.
(Use of this website and the Nexus materials is subject to the terms and conditions.)
