Five Central Banks Take the Lead on Cross-Border Payments Network

Spearheaded initially by the Bank for International Settlements (BIS), the project is now entering its operational phase, with five central banks stepping in to take over long-term management.

Project Nexus was built to streamline cross-border payments by linking domestic instant payment systems through a shared architecture. Using ISO 20022 messaging standards and custom-designed APIs, the goal is to allow individuals and businesses in participating countries to send money instantly, securely, and at low cost across borders, as easily as they can domestically.

Following successful technical trials involving central banks from Europe and Southeast Asia in 2022, the BIS has been collaborating with the monetary authorities of Indonesia, Malaysia, the Philippines, Singapore, and Thailand to fine-tune the model. Now, as Nexus prepares for live deployment, responsibility is shifting to a new non-profit entity, Nexus Global Payments (NGP), based in Singapore.

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NGP will be in charge of operating and expanding the network, with initial funding and leadership provided by the five founding central banks: Bank Negara Malaysia, Bangko Sentral ng Pilipinas, the Monetary Authority of Singapore, the Bank of Thailand, and the Reserve Bank of India. Meanwhile, the European Central Bank and Bank Indonesia will maintain involvement as observers.

To support the transition, the BIS will assist with knowledge transfer and technical onboarding until the platform goes live. The next milestone includes selecting a Nexus Technical Operator (NTO) through an open procurement process. This external firm will take over the technical buildout and manage the day-to-day functioning and cybersecurity of the network.

MAS executive Benjamin Lee has been named interim director of NGP while the search continues for a permanent leader to steer the organization through its early stages. Over time, the founding members hope to open participation to more jurisdictions, turning Nexus into a global standard for real-time cross-border payments.

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