Instant cross-border payments are fast becoming an imperative in the financial industry. Globally, 75 instant payment systems (IPS) are operational and another 20 are under development. Supported by their real-time and 24/7/365 capabilities, connecting IPS across borders has the potential to enhance the speed and lower the cost for cross-border payments, supported by greater access and transparency.
One of the most ambitious projects to-date is Project Nexus by the BIS Innovation Hub (BISIH) which seeks to enable instant cross-border payments at scale by connecting IPS globally via a multilateral approach. In the next phase of the project, BISIH will support a group of first mover countries (India, Malaysia, the Philippines, Singapore and Thailand) to implement Nexus in the real world to deliver benefits both individuals and businesses.
This session will explore the challenges and opportunities of connecting IPS across regions, and discuss the potential of a multilateral connectivity approach such as that outlined in Project Nexus:
1. Promote the operationalisation phase of Project Nexus, announcing key milestones and strategic vision for Nexus’ rollout and adoption.
2. Discuss the transformative potential of a next-generation financial market infrastructure such as Nexus to create a seamless, efficient, secure cross-border payments ecosystem.
3. Encourage international dialogue and collaboration among central banks, financial institutions and technology providers to support the successful implementation of Nexus.
FutureMatters Stage
Hall 2, Singapore EXPO
