Nexus project: central banks seek operator to revolutionize cross-border payments
As the Bank for International Settlements (BIS) completes its Nexus Project to connect instant payment systems globally, five partner central banks have just launched a tender to designate the technical operator responsible for carrying this infrastructure essential for the future of international transactions.
FACTS
The Nexus Project aims to connect global instant payment systems via a single platform using ISO 20022 and dedicated APIs.
For its operational phase, Nexus Global Payments (NGP), based in Singapore, was created to manage the infrastructure.
After a successful test between the Eurosystem, Malaysia and Singapore in 2022, the BIS in Singapore expanded the project by working with the central banks of Indonesia, Malaysia, the Philippines, Singapore and Thailand.
A call for tenders is launched to recruit a Nexus Technical Operator (NTO), responsible for the technical development and secure operation of the network.
ISSUES
Making cross-border payments as fast, simple and secure as domestic payments : The objective of the Nexus project is to simplify and accelerate international transactions.
Reducing costs, delays and risks of international transactions Nexus aims to improve the efficiency and security of cross-border payments.
Establish a global interoperability model Nexus aims to create a system that expands to new jurisdictions, facilitating international payments around the world.
Ensuring large-scale security and confidence The central governance of NGP will ensure the security of transactions and build trust among users.
PERSPECTIVE
In addition, the study Global Money Movement, led by PYMNTS.com in collaboration with TerraPay, notes that digital wallets become a credible alternative to facilitate the interoperability of cross-border payments in France or elsewhere. Conducted in four major markets, including Singapore, the study shows that growing adoption of wallets for fast and accessible international payments.
Nexus and digital portfolios pursue similar objectives, although via different infrastructures, public for Nexus and private for Wallets. In time, convergence between public initiatives such as Nexus and private solutions could sustainably redefine the cross-border payment landscape.
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