The central bank participants in Project Nexus — an initiative led by the Bank for International Settlements (BIS) to interlink domestic real-time payment systems across borders — have kicked off a formal procurement process to appoint a technical network operator. The move marks a significant step toward live implementation of the global cross-border payments infrastructure.
Project Nexus is designed to offer a single, centralised connection point to multiple instant payment systems using ISO 20022 messaging standards and purpose-built APIs. Following a successful proof-of-concept between the Eurosystem, Malaysia, and Singapore in 2022, the project has expanded to include the central banks and instant payment system operators of Indonesia, Malaysia, the Philippines, Singapore, and Thailand.
To support the next phase of growth, BIS is handing over operational responsibilities to Nexus Global Payments (NGP), a newly established company limited by guarantee in Singapore. NGP will oversee the scheme’s technical and operational rollout, facilitating safe, instant cross-border payments at scale. BIS will remain involved during the transition to ensure knowledge transfer and support up until the first live transaction.
Founding members of NGP — including the Reserve Bank of India, Bank Negara Malaysia, Bangko Sentral ng Pilipinas, Monetary Authority of Singapore (MAS), and Bank of Thailand — will provide the initial capital to bring the Nexus platform to life. The European Central Bank and Bank Indonesia will continue in observer roles, reflecting their early contributions to the initiative.
NGP has appointed Benjamin Lee, an MAS executive, as interim director while a permanent lead is sought through a formal selection process. NGP has now launched an open procurement exercise to appoint the Nexus Technical Operator (NTO) — a third-party provider responsible for building, operating, and securing the Nexus platform.
The project represents a shared commitment to transforming the landscape of global payments through a scalable, multilateral model that could connect real-time payment systems worldwide.