Its goal is to enable faster, cheaper, and more transparent cross-border transactions.
Project Nexus, an initiative by the Bank for International Settlements (BIS) Innovation Hub, marks a significant milestone in the global effort to interconnect domestic Instant Payment Systems (IPS) across countries. Its goal is to enable faster, cheaper, and more transparent cross-border transactions.
By leveraging real-time payment infrastructures such as India’s UPI, Singapore’s PayNow, Thailand’s PromptPay, and others, Project Nexus aims to make international fund transfers possible in under 60 seconds—addressing long-standing pain points such as high costs, slow processing times, and limited accessibility.
In its initial phase, five countries—India, Malaysia, the Philippines, Singapore, and Thailand—have agreed to become founding members of Project Nexus. Indonesia joins as a special observer. Combined, these nations represent a population of approximately 1.7 billion, offering significant scale and impact for regional financial innovation.
To manage day-to-day operations and technical oversight, these central banks have established the Nexus Scheme Organisation (NSO), headquartered in Singapore. The NSO will oversee the implementation, governance, and expansion of the Nexus infrastructure.
BIS will continue to act as a technical advisor for Project Nexus, offering documentation, implementation guidance, and communication specifications based on ISO 20022—the global financial messaging standard. This standardization is crucial to ensuring interoperability and scalability across different national systems.
Implications for Domestic Systems: What About QRIS?
Indonesia’s participation as an observer reflects Bank Indonesia’s commitment to exploring innovative payment connectivity. However, Nexus raises questions about the future of local systems like QRIS (Quick Response Code Indonesian Standard).
Rather than being displaced, QRIS and Nexus are expected to complement one another. While QRIS remains essential for domestic and regional retail transactions, Nexus offers broader capabilities for international transfers. Together, they support Indonesia’s digital economy both locally and globally.
Looking Ahead: Live Launch in 2026
Project Nexus is slated to go live in 2026. With support from multiple central banks and IPS operators, it is poised to accelerate the digital transformation of global financial systems—particularly in cross-border payments.
The development of Project Nexus was also featured during the ASEAN+3 Finance Think-tank Network (AFTN) Seminar on 14–15 May 2025. The event brought together leading research institutions in Asia, including the Asian Development Bank Institute (ADBI), ASEAN+3 Macroeconomic Research Office (AMRO), and regional think tanks, underlining the project’s strategic importance beyond just technical progress.
References:
- Project Nexus: enabling instant cross-border payments
- Project Nexus of BIS
- Project Nexus completes comprehensive blueprint for connecting domestic instant payment systems globally and prepares for work towards live implementation
- Project Nexus Diluncurkan, Bagaimana Nasib QRIS?
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