More than 60 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 a fast payments system to reach all other countries in the network. Nexus could significantly accelerate the growth of instant cross-border payments.
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 is the result of a 12-month proof of concept between the Eurosystem, Malaysia and Singapore. We recommend reviewing chapters 3, 6, 7 and 8 before digging deeper into the participant guides on this site.
This site contains detailed technical documentation, covering:
- guides for each type of participant in Nexus
- API and message specifications for Nexus
The Nexus blueprint was developed and refined through a 12-month proof-of-concept and over 50 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.
Nexus is not yet operational, and the information on this site will be updated as the design of Nexus is refined and improved.
In the next phase of work, BIS IH Singapore Centre is collaborating with the central banks of Indonesia, Malaysia, the Philippines, Singapore and Thailand as they prepare to connect their domestic payment systems.