Singapore-hosted Nexus Scheme Organization links instant payment systems across ASEAN and beyond, delivering near-60-second cross-border settlement for corporations.

What Project Nexus Is and How It Works

Project Nexus, developed by the Bank for International Settlements (BIS) Innovation Hub Singapore Centre, is a standardized multilateral platform designed to interconnect domestic instant payment systems (IPS) across countries. Rather than requiring each payment system operator to build custom bilateral connections for every new country it wants to reach, Nexus enables a single integration to the Nexus platform, granting access to all other countries on the network (BIS, Source 3). This eliminates the exponential complexity of bilateral interlinking, where connecting ten countries requires 45 separate bilateral links; under Nexus, only ten connections are needed.

The technical architecture supports cross-border payments that settle in under 60 seconds in most cases, extending the speed of domestic instant payments to international transactions (Emerging Payments Asia, Source 7). Over 70 countries globally operate live domestic IPS systems, creating a vast pool of potential interconnections (Source 7). The feasibility of the model was proven in a 2022 proof of concept that successfully connected three established IPS: the Eurosystem's TARGET Instant Payment Settlement (TIPS), Malaysia's Real-time Retail Payments Platform (RPP), and Singapore's Fast and Secure Transfers (FAST) system (MAS, Source 4).

Singapore’s Central Role: Nexus Scheme Organization and Live Implementation

Singapore anchors Nexus's operational deployment. The five central bank partners—Bank Indonesia, Bank Negara Malaysia, Bangko Sentral ng Pilipinas, the Monetary Authority of Singapore, Bank of Thailand, and the Reserve Bank of India—have agreed to establish the Nexus Scheme Organisation (NSO) in Singapore to manage the project in its live implementation stages (BIS, Source 3). The BIS Innovation Hub Singapore Centre led the development work from inception.

Live implementation is targeted for 2026 (The Asian Banker, Source 2; BIS updates). To execute this, Nexus Global Payments (NGP), a not-for-profit entity, was established in Singapore in March 2025 (Currency Research, Source 6). NGP is now leading the charge to connect domestic IPS worldwide, transforming the Project Nexus blueprint into a live, operational network. The ASEAN central banks have indicated a preference for global rather than regional implementation, and the BIS Innovation Hub Singapore Centre plans to establish a Global Advisory Panel of central banks and payment system operators from major instant payments markets to guide expansion beyond Southeast Asia (BIS, Source 5).

B2B Cost and Cash Conversion Cycle Benefits

For corporations trading across ASEAN and beyond, the operational and financial benefits of Nexus corridors from Singapore are significant. Ma-an David, domestic payables lead for global payments solutions in Asia Pacific at HSBC, highlighted a primary advantage: "As a corporate, you don’t want to be opening accounts everywhere in all the corridors you need to do transactions with. BIS, particularly within the ASEAN 5, is leading a movement to interconnect real-time payment infrastructures in a multilateral manner, making investments more efficient" (The Asian Banker, Source 2). Nexus reduces the need for corporations to maintain bank accounts, liquidity pools, and correspondent banking relationships in every market they operate in.

Project Nexus directly reduces transaction costs and streamlines processes for corporations engaged in international trade (The Asian Banker, Source 2). Faster settlement—under 60 seconds compared to the one-to-three business days typical in traditional correspondent banking—directly improves cash conversion cycles. Suppliers receive payment in near real-time, enabling tighter supplier payment terms and reducing working capital requirements for both buyer and supplier. Corporations can manage cross-border payments with the same predictability and speed as domestic instant transfers, lowering the cost of trade finance and reducing friction in B2B supply chains.

Scalability and Global Reach: From ASEAN to the World

A core design feature of Nexus is its ability to scale at low marginal cost. When a new country joins the network, existing members are automatically connected to that country, enabling the network to expand at near-zero marginal cost for existing members (BIS, Source 5). This contrasts sharply with the bilateral interconnection model, where adding a new country requires each existing member to build a separate connection.

Source: Orionmano Industries

Project Nexus is formally recognized as a priority action in the G20 Roadmap for Enhancing Cross-border Payments, which highlights interlinking of instant payment systems as a key aim (MAS, Source 4). The ASEAN central banks driving the initiative have expressed a desire for global rather than regional implementation, and the Global Advisory Panel will advise on expansion into major trading partner markets such as Europe, the Middle East, and Africa (BIS, Source 5). As live implementation begins in 2026, Project Nexus will likely expand to major trading partners beyond ASEAN, further deepening Singapore's role as a global B2B payment hub and accelerating corporate cash conversion cycles across international supply chains.