BIS Innovation Hub
Nexus - Short ReportAbout the BIS Innovation Hub
  • Introduction
    • Nexus Overview
    • How to use this site
    • Overview Report
    • Terminology
  • Payment Setup
    • Key Points
    • Scope of Nexus payments
    • Steps 1-2: Country, Currency & Amount
    • Steps 3-6: Exchange Rates
    • Steps 7-9: Addressing, Proxy Resolution & Confirmation of Payee
    • Steps 10-11: Sanctions screening
    • Step 12: Ask the Sender for approval
    • Step 13-16: Set up and send the payment instruction
    • Step 17: Accept the confirmation and notify Sender
  • Addressing & Proxy Resolution
    • Key Points
    • Overview of Payment Addressing in Nexus
      • Addressing via Proxies (Aliases)
      • Addressing via Account Details
    • Address Types & Inputs
      • Address Types
      • Address Inputs
      • Financial Institution Identification
      • List of PSPs
      • Examples
    • Proxy & Account Resolution Process
      • Step 1: Sender inputs proxy or account details
      • Step 2: Proxy Resolution Messaging Sequence
      • Step 3: Account Resolution Messaging Sequence
      • Step 4: Source PSP processes the results
      • Masking of Display Names
    • Role of the Proxy Directory Operator (PDO)
      • Obligations on the Proxy Directory Operator
      • Obligations of PSPs using the Proxy Directory
      • Onboarding a Proxy Directory Operator onto Nexus
  • FX Provision
    • Key Points
    • Role of the FX Provider
    • How Third-Party FX provision works in Nexus
    • Joining Nexus as a third-party FXP
    • Accessing Instant Payment Systems
    • Onboarding PSPs
    • Obligations & Compliance
    • Revenue model for FXPs
    • Rates from Third-Party FX Providers
      • Improving rates for larger transactions
      • Improving rates for specific PSPs
    • Quotes
    • Managing Liquidity
  • Payment Processing
    • Key Points
    • Accounts & Relationships
    • Maximum value of a Nexus payment
    • Payment Flow (Happy Path)
      • Detailed Flow in Source Country (Sending)
      • Detailed Flow in Destination Country (Receiving)
      • Booking flow for Source PSPs
      • Notifying FXPs of completed payments
    • Validations, Duplicates & Fraud
    • Time critical vs non-time critical payments
    • Special Scenarios
    • Payment setup for PSPs who provide their own FX
    • Unsuccessful Payments (Exceptions)
      • Rejects
      • Recall Requests
      • Returns
      • Investigation & Enquiry
      • Disputes
      • Reconciliation reports
    • Fees
    • Role and responsibilities of the Instant Payment System Operator (IPSO)
    • Ensuring settlement certainty
    • Annex: 4-step vs 5-step Processes in Domestic Clearing and Settlement
    • Annex: Sponsoring PSPs and Sponsored Entities
  • Settlement Access Provision
    • Key Points
    • Role of the Settlement Access Provider (SAP)
    • Joining Nexus as an SAP
    • SAP onboarding of FXPs (or foreign PSPs)
    • Costs and Revenue for SAPs
    • Obligations on the SAP
    • Processing payments as an SAP
      • Payment Process for the Source SAP
      • Payment Process for the Destination SAP
      • How the Destination IPS initiates the payment via the Destination SAP
    • Managing Liquidity as an SAP
  • Messaging & Translation
    • Key Points
    • General Usage of ISO 20022
      • Adherence to CPMI Harmonised ISO 20022 Data Requirements
    • Compatibility with Instant Payments Plus (IP+)
    • Message transformation by Nexus
    • Specific Message Elements
    • Purpose Codes
    • Message Guidelines (Excel)
    • MESSAGE acmt.023 Identification Verification Request
    • MESSAGE acmt.024 Identification Verification Report
    • MESSAGE: pacs.008 FI to FI Customer Credit Transfer
      • pacs.008 Differences from CPMI Harmonisation Requirements
    • MESSAGE pacs.002 Payment Status Report
      • pacs.002 Differences from CPMI/CBPR+ Guidelines
    • MESSAGE: pacs.004 Payment Return (Not yet supported)
    • MESSAGE: camt.054 Bank to Customer Debit Credit Notification
    • Translation To/From Domestic Message Formats
    • Translating To/From ISO 20022 Codes
  • APIs
    • Overview
    • Countries
    • Currencies
    • Address Types and Inputs
    • Financial Institutions
    • Fees and Amounts
    • Intermediary Agents (SAPs)
    • Quotes
    • ISO 20022 Messages
  • About
    • Contact the Nexus Team
  • LEGAL
    • Terms and Conditions of Use
    • Privacy Notice
    • Cookies Notice
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  • Enabling instant cross-border payments
  • Next steps for Nexus
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  1. Introduction

Nexus Overview

NextHow to use this site

Last updated 4 months ago

Enabling instant cross-border payments

Nexus is a 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 for an overview of the scheme & governance, business model and technology architecture of Nexus.

  • The includes the latest updates to the project

This site contains detailed technical documentation, covering:

  • implementation guides for each type of participant in Nexus

  • for Nexus

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 to enhance the blueprint.

Next steps for Nexus

In the next phase of work, BIS IH Singapore Centre is 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 for the latest news on implementation of Nexus.

Read the latest (July 2024) Report

This 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 .)

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latest (2024) Nexus report
Nexus project page
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