Phase four of the project will see Bank Negara Malaysia (BNM), Bangko Sentral ng Pilipinas (BSP), the Monetary Authority of Singapore (MAS), the Bank of Thailand and domestic IPS operators joined by the Reserve Bank of India, expanding the project’s potential user base to India’s Unified Payments Interface (UPI), the world’s largest IPS.
The Bank for International Settlements (BIS) and partners have completed the comprehensive blueprint for phase three of Project Nexus, allowing ready participants to work towards the next stage of connecting their instant payment systems (IPS).
Project Nexus is a BIS Innovation Hub project that seeks to enhance cross-border payments by connecting multiple domestic IPS globally. Designed to standardise the way domestic IPS connect to one another, the project enables operators to make just one connection to Nexus for the IPS to reach other countries in the network, rather than an IPS operator building custom connections for every new country to which it connects. The project is the first BIS Innovation Hub project in the payments area to move towards live implementation.
