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.
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.