Around 60 countries now have instant payment systems, which allow payments between bank accounts in just seconds. Connecting them together could enable cross-border payments that are faster, cheaper, easier to access and more transparent.
This is a project by the Bank for International Settlements (BIS) Innovation Hub with support from the Monetary Authority of Singapore and the National Payments Corporation of India. The project explores how we can build on the success of instant payments to improve the cross-border payments experience.
This project provides a blueprint for a scalable cross-border payments network, Nexus, that would connect IPSs in multiple countries, enabling them to offer cross-border payments that reach their destination within 60 seconds.
This site contains detailed technical docs, covering:
the payment processes through Nexus, including message flows
the functionality required by IPS operators and their member banks and Payment Service Providers (PSPs)
API specifications for communication between IPSs.
The Nexus blueprint was developed and refined through 25 workshops with IPS operators, central banks and large banks with a significant presence in FX markets and cross-border payments. We welcome further feedback and suggestions to enhance the blueprint.
(Use of this website and the Nexus materials is subject to the terms and conditions.)