Nexus - Short ReportAbout the BIS Innovation Hub
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Nexus Overview
PARTICIPANTS
Participants in the Nexus Network
User Experience
User Needs of Senders and Recipients
User Needs for Other Participants
The User Journey for Nexus Payments
An End-To-End Payment Through Nexus
Overview of Payment Flow
Setup: Synchronizing Service Level Descriptions (SLDs)
Setup: FX Providers update their rates
Step 1: Retrieving the SLD for the Destination IPS
Step 2: Retrieving current FX quotes
Step 3: Account Validation
Step 4: Confirmation of Payee
Step 5: Sanctions Screening Pre-Approval
Step 6: Final Payment Instruction
IPS & Bank Functionality
IPS Service Level Descriptions
Addressing Payments
Reachability & Availability Checks
Account Validation
Confirmation of Payee
Sanctions Screening
Sanctions Screening
FX PROVIDERS & LIQUDITY PROVIDERS
FX Providers
Liquidity Providers
Roles vs Entities: Possible Configurations of FX Providers and Liquidity Providers
Providing FX Quotes
Ensuring a Competitive FX Market
Managing Liquidity
FX Provider Blacklists
RISK MANAGEMENT
Credit, FX and Liquidity Risk
Settlement Risk Due to Insolvency of a Participant
NEXUS GATEWAY & SCHEME
Nexus Gateway
Nexus Scheme
ANNEX: API & Message Definitions
API Structure Overview
ISO 20022 Terminology
SLD API
Quote API
Account API
Payee API
Sanctions Screening Pre-Approval API
Payment Instruction (Source Bank to Source IPS)
ANNEX: Recalls & Unhappy Flows
Terminology & Acronyms
Payment Recalls & Unhappy Flows
About
Contact the Nexus Team
Terms and Conditions of Use
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Nexus Overview

Nexus is a blueprint for instant cross-border payments

Around 60 countries now have instant payment systems, which allow payments between bank accounts in just seconds. Connecting them together through platform could enable cross-border payments that are faster, cheaper, easier to access and more transparent.
This BIS Innovation Hub project provides a blueprint for a scalable cross-border payments network, Nexus, that would connect IPSs in multiple countries, enabling them to offer cross-border payments that reach their destination within 60 seconds.
The BIS Innovation Hub is now developing a technical prototype of Nexus. We are working with the Monetary Authority of Singapore, Bank of Italy, Bank Negara Malaysia, BCS in Singapore and PayNet in Malaysia to connect the payment systems of Singapore, Malaysia and the euro area in an experimental proof-of-concept.
The project complements the ongoing work of the G20, FSB and CPMI to enhance cross-border payments.

3 Minute Overview

Read the Summary Report

The short report explains the benefits of linking IPSs to provide cross-border payments. It addresses the challenges that would need to be overcome and explains how a bridging platform like Nexus could streamline this process. It makes recommendations for IPSs that are upgrading or rebuilding their technology to allow for cross-border interoperability.

Technical Docs

This site contains detailed technical docs, covering:
  • the payment processes through Nexus, including message flows
  • the functionality required by IPS operators and their member banks and Payment Service Providers (PSPs)
  • API specifications for communication between IPSs.
The Nexus blueprint was developed and refined through 25 workshops with IPS operators, central banks and large banks with a significant presence in FX markets and cross-border payments. We welcome further feedback and suggestions to enhance the blueprint.
(Use of this website and the Nexus materials is subject to the terms and conditions.)
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Participants in the Nexus Network
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Outline
Nexus is a blueprint for instant cross-border payments
3 Minute Overview
Technical Docs