Project Nexus successfully links Eurosystem, Malaysia, Singapore’s payment systems
For the next phase, Indonesia, Thailand, and the Philippines will link their payment systems with Singapore and Malaysia.
The BIS Innovation Hub Singapore Centre’s Project Nexus has successfully linked the Eurosystem's instant payments system (IPS) with Malaysia’s and Singapore’s respective payment systems.
The collaboration included the central banks of Italy, Malaysia, and Singapore, as well as the payment system operators PayNet and the Banking Computer Services (BCS).
For the next phase, the central banks of Indonesia, Malaysia, the Philippines, Singapore and Thailand will jointly work towards connecting their domestic instant payment systems.
The connection between these countries is expected to facilitate cross-border transactions across a combined population of about 500 million people.
“I am thrilled at our success in connecting three national payment systems and the potential this indicates for Nexus. It paves the way for further development, and we look forward to collaborating with our partner central banks on the next phase of the project,” said Cecilia Skingsley, Head of the BIS Innovation Hub.
They floated plans to establish a Global Advisory Panel of central banks and payment system operators to advise on the project’s development beyond the Southeast Asian region.