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BIS readies for live implementation of Project Nexus in Asia

Project Nexus by BIS: Key Points

  1. Project Overview:
    • Initiative by Bank for International Settlements Innovation Hub (BISIH).
    • Aims to enhance cross-border payments by connecting multiple domestic instant payment systems (IPS) globally.
    • Delivered a comprehensive blueprint during its third phase of development.
  2. Next Phase: Implementation:
    • Moving into the implementation and roll-out phase.
    • Engagement with central banks and IPS operators from India, Malaysia, the Philippines, Singapore, and Thailand.
  3. Establishment of Nexus Scheme Organisation (NSO):
    • New entity responsible for Nexus management.
    • NSO to be owned by central banks and IPS operators, with BISIH maintaining a technical advisory role.
    • First BISIH-developed project in payments to move towards live implementation with instant payment providers.
  4. Impact and Potential:
    • Potential to connect a market of 1.7 billion people globally.
    • Aims to facilitate instant, easy, and cheap cross-border payments.
  5. Support and Goals:
    • Aligns with G20 cross-border payments programme.
    • Supports BISIH mission to develop public goods in the technology space to aid central banks and enhance financial system functioning.
  6. Technological Innovations:
    • BISIH exploring latest tech innovations for swifter cross-border settlements.
    • Example: Project Agorá, launched in April, exploring tokenization to improve cross-border settlements.

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