The BIS-initiated network, now managed by Nexus Global Payments, connects five central banks for instant cross-border payments.

Project Nexus, initiated by the Bank for International Settlements in 2021, has moved from blueprint to implementation with the incorporation of Nexus Global Payments and the commitment of five Asian central banks to connect their domestic real-time payment systems through a single standardised platform. The network creates a direct link between Singapore’s PayNow and the instant payment systems of Malaysia, India, Thailand, and the Philippines, enabling cross-border transfers that clear within seconds rather than days.

From Bilateral Links to a Multilateral Standard

Before Nexus, cross-border instant payments relied on bespoke bilateral connections. In April 2021, Singapore’s PayNow and Thailand’s PromptPay were linked in a world first, allowing customers of participating banks to send money using only the recipient’s mobile phone number. That corridor was followed in February 2023 by an IPS link between Singapore and India. While functional, each new bilateral link required lengthy technical integrations, limiting scalability.

Project Nexus was initiated by the BIS Innovation Hub (BISIH) in 2021 with the explicit goal of connecting multiple national payment systems into a cross-border platform that could make international payments as fast as sending a text message. The G20 roadmap for enhancing cross-border payments—endorsed by finance ministers and central bank governors in October 2020—provided the overarching policy framework, establishing targets for speed, cost, access, and transparency. Nexus was designed from the outset as an alternative to the proliferation of bespoke bilateral arrangements, offering a standardised multilateral model instead.

Architecture: One Connection, Multiple Corridors

Nexus standardises the way domestic instant payment systems (IPS) connect to one another. Rather than an IPS operator building custom connections for every new country it joins—a process that scales linearly and expensively with each new partner—the operator makes a single connection to the Nexus platform. That single integration allows the IPS to reach all other countries on the network simultaneously.

The target is enabling cross-border payments within 60 seconds, matching the domestic speed of participating real-time systems. A successful proof-of-concept between the Eurosystem, Malaysia, and Singapore was completed in 2022, validating the technical architecture across different jurisdictions and payment infrastructures. The design reduces reliance on intermediary banks and correspondent banking chains, cutting both cost and settlement risk.

Governance and Implementation Partners

Nexus Global Payments (NGP) was formally incorporated as a company limited by guarantee in Singapore in March 2025 to operationalise and manage the Nexus scheme. NGP operates as a not-for-profit organisation, with its governance structure designed to align incentives across public and private stakeholders rather than maximise returns.

The five founding central bank partners are the Reserve Bank of India, Bank Negara Malaysia, Bangko Sentral ng Pilipinas, the Monetary Authority of Singapore, and the Bank of Thailand. Founding partners have contributed the initial capital required to build and establish the Nexus platform, with an intention to expand membership over time.

For the technical build, Payments Network Malaysia (PayNet) and NETS will construct the Nexus hub. PayNet operates Malaysia’s DuitNow instant payment system and has deep experience in regional interoperability; NETS runs payment and clearing infrastructure in Singapore, including services supporting account-to-account transfers. Amazon Web Services (AWS) will provide cloud infrastructure, while Endava leads end-to-end design and engineering for the platform.

Number of central banks (count)Source: Orionmano Industries

Path to Global Adoption

The infrastructure build for the five founding markets is under way, but the ambition extends well beyond Asia. The European Central Bank announced its intention for the Eurosystem to join Nexus as a special observer as part of exploratory work linking its TARGET Instant Payment Settlement (TIPS) with other fast payment systems. Bank Indonesia holds the same special observer status, having contributed to earlier phases of the project. This brings the total number of central banks engaged with Nexus to seven, even before the network goes fully live.

The BISIH Singapore Centre plans to establish a Global Advisory Panel composed of central banks and payment system operators from major instant payments markets. The panel will advise on Nexus’s development beyond Southeast Asia, potentially bringing in operators from Europe, the Americas, and other regions. The Nexus blueprint—comprehensive technical documentation, lessons reports, and implementation guides—is available for any IPS operator to study or adapt.

Founding partners have stated their shared vision of making Nexus a scalable multilateral model for connecting IPS globally, not a closed regional club. As the G20 roadmap approaches its 2027 target date for measurable progress on cross-border payment costs and speeds, Nexus offers a concrete, tested architecture that could serve as the backbone for a truly global instant payment network.