RBI join PROJECT NEXUS: Next-generation cross-border Instant payment

RBI join PROJECT NEXUS: Next-generation cross-border Instant payment:

In over 70 countries today domestic payments reach their destination in seconds at near-zero cost to the Sender or Recipient. This is thanks to the growing availability of instant payment systems (IPS). Connecting these IPS to each other can enable cross-border payments from Sender to Recipient within 60 seconds (in most cases).

Nexus is designed to standardise the way that IPS 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 on the network. Nexus could significantly accelerate the growth of instant cross-border payments.

Following a successful proof-of-concept between the Eurosystem, Malaysia and Singapore in 2022, the BISIH Singapore Centre have worked with the central banks and IPS operators of Indonesia, Malaysia, the Philippines, Singapore and Thailand to evaluate the model against the reality of their IPS. The project team also consulted with central banks, standard-setting bodies, IPS operators and commercial banks from around the world to validate that Nexus is scalable and interoperable with IPS beyond those five countries.

The latest 2024 report outlines the scheme and governance, business and revenue model, and the technology architecture for Nexus.

In the next phase of Nexus, the BISIH Singapore Centre will facilitate the central banks and IPS operators of India, Malaysia, the Philippines, Singapore and Thailand as they work towards live implementation of Nexus. Bank of Indonesia will continue as a special observer.