The Bangko Sentral ng Pilipinas (BSP), the Bank for International Settlements (BIS) and their partners completed the blueprint for phase three of Project Nexus, a system that streamlines connecting instant payment systems (IPS) across different countries.
Phase four will see the Central Bank of Malaysia, BSP, the Monetary Authority of Singapore, the Bank of Thailand and domestic IPS operators – who worked together in phase three – joined by the Reserve Bank of India, expanding the potential user base to India’s Unified Payments Interface (UPI), the world’s largest IPS.
Bank Indonesia (BI) will continue its association with the project with special observer status. BI took part in phase three and will continue in this capacity to follow the project in the next stage of its development.
Nexus is designed to standardize the way domestic IPS connect to one another. Rather than an IPS operator building custom connections for every new country to which it connects, the operator only needs to make one connection to Nexus. The single connection would allow the IPS to reach all other countries in the network.