A new phase in the evolution of global real-time, cross-border payments is underway, as five central banks behind Project Nexus — a Bank for International Settlements (BIS) initiative — launch a formal procurement process to appoint a Nexus Technical Operator (NTO).
Cross-border payment breakthrough
This milestone marks a decisive shift from proof-of-concept to full-scale implementation, ushering in what could become the world’s first multilateral infrastructure for instant cross-border payments.
Project Nexus aims to interconnect domestic instant payment systems (IPS) via a single, centralised platform.
The model leverages ISO 20022 standards and purpose-built APIs to enable frictionless, secure and near-instant international transactions.
In contrast to fragmented bilateral arrangements, Nexus offers a multilateral approach that promises scalability, transparency and interoperability.
Following an early proof-of-concept involving the Eurosystem, Singapore and Malaysia in 2022, the BIS Innovation Hub in Singapore worked closely with central banks and IPS operators in five Southeast Asian countries — Indonesia, Malaysia, the Philippines, Singapore and Thailand — to assess and refine the model.
The outcome has laid the groundwork for what may soon be a live cross-border network enabling real-time fund transfers between vastly different jurisdictions.
Stepping Back From Oversight
With the transition to live operations now imminent, the BIS is stepping back from day-to-day oversight.
That role will now fall to Nexus Global Payments (NGP), a not-for-profit entity incorporated in Singapore.
Established by the Reserve Bank of India, Bank Negara Malaysia, Bangko Sentral ng Pilipinas, the Monetary Authority of Singapore (MAS), and Bank of Thailand, NGP will oversee the platform’s ongoing development and governance.
The European Central Bank and Bank Indonesia, although not currently part of the operational core, will continue as special observers.
Nexus Global Payments
NGP’s interim leadership will be provided by MAS executive Benjamin Lee, who will serve as director until a permanent appointee is selected.
Lee’s tenure will coincide with the crucial procurement process now underway to identify a suitable technical partner.
The selected NTO will be responsible for building, operating and securing the Nexus infrastructure, which must meet exacting standards for performance, resilience and regulatory compliance.
Importantly, the founding jurisdictions have pledged the initial capital to fund the platform’s development, with plans to expand Nexus membership to other central banks over time.
This reflects a broader ambition: to offer a shared digital backbone that reduces cost and complexity in global payments — particularly for remittances and low-value cross-border transfers — while preserving national sovereignty and regulatory independence.
As the world watches, Project Nexus is poised to reshape the architecture of international payments.
The post Central Banks prepare for cross-border payment breakthrough appeared first on Payments Cards & Mobile.