In today’s rapidly evolving financial world, fast and seamless cross-border payments are essential for global trade, remittances, and business operations. To tackle current inefficiencies, the Bank for International Settlements (BIS) is spearheading the Nexus Project — a groundbreaking initiative designed to connect real-time payment systems worldwide into one unified network.
What Is the Nexus Project?
The Nexus Project aims to create a centralized hub that links instant payment networks across multiple countries. By leveraging the industry-standard ISO 20022 messaging protocol and a set of dedicated APIs, Nexus ensures diverse payment systems can communicate securely and efficiently, simplifying cross-border transactions dramatically.
Since 2022, after successful proof-of-concept trials involving the Euro system, Malaysia, and Singapore, the BIS Innovation Hub Singapore Centre has been working closely with central banks and payment operators from Indonesia, Malaysia, the Philippines, Singapore, and Thailand to further develop and test the Nexus framework.
From Concept to Operation
As Nexus nears its operational launch, the BIS is transitioning control to Nexus Global Payments (NGP) — a Singapore-based joint venture established by the Reserve Bank of India, Bank Negara Malaysia, Bangko Sentral ng Pilipinas, the Monetary Authority of Singapore (MAS), and the Bank of Thailand.
NGP will manage and operate the Nexus platform, ensuring secure, scalable, and real-time cross-border payments. Central banks will support the knowledge transfer and provide ongoing assistance until Nexus processes its first live transaction, ensuring a smooth transition from concept to full implementation.
Expanding the Network
Nexus Global Payments plans to expand participation beyond the founding members, welcoming additional jurisdictions interested in linking their instant payment systems. This collaborative, multilateral approach aims to establish Nexus as a global standard for cross-border instant payments — enhancing efficiency, transparency, and accessibility for businesses and consumers worldwide.
Technology Partner Search
To maintain the highest standards of security and performance, NGP has announced a public tender to select a qualified Nexus Technology Operator (NTO). The NTO will be responsible for the technical development, daily operations, and security of the Nexus platform — a crucial role to keep the network robust and reliable.
Currently, Benjamin Lee from MAS serves as interim director of NGP until the permanent technology operator is appointed.
Why This Matters for Payment Providers and Buvei Users
Cross-border payments today are often slow, costly, and fragmented due to varying local regulations and incompatible systems. Nexus’s vision to create a unified, ISO-compliant network promises to streamline these processes, reducing friction, lowering costs, and improving transaction speed and transparency.
For platforms like Buvei, which prioritize fast, secure, and user-friendly payment solutions, integrating with interoperable networks like Nexus offers exciting opportunities to enhance cross-border services, expand market reach, and deliver seamless payment experiences globally.
Final Thoughts
The Nexus Project marks a significant leap forward in international payment infrastructure, driven by collaboration among leading central banks and industry stakeholders. As the search for a technology operator begins, the global financial community is watching closely, anticipating a future where cross-border instant payments become the new normal.
Stay tuned for further developments as Nexus sets the stage for a new era in global payments.
