Sixty seconds, the amount of time within which the Nexus Project will enable cross-border payments to reach their destination.
A Report by the Bank for International Settlements Innovation Hub (BIS) with support from the Monetary Authority of Singapore (MAS) and the National Payments Corporation of India (NPCI), outlines how the Nexus Project will provide a blueprint for a scalable cross-border payments network that addresses six key elements of the user payment experience: speed, cost, transparency, access, confidence and security, and usability.
Leveraging the growing availability of instant payment systems (IPSs) in many countries, the Nexus Project aims to take advantage of near-real time payment on a 24/7 basis and overcome many of the challenges that exist in linking international IPSs.
Nexus enables interoperability between payment systems through a combination of standardised rules and obligations for cross-border payments (Nexus Scheme) with the use of a common software platform (Nexus Gateway) that coordinates processes amongst countries.
Specific design elements of a payments system can help prepare for cross-border payments through Nexus, including:
ISO 20022 standard for payment messages
Pre-validation of payment instructions
Confirmation of payee functionality
The full blueprint is available on nexus.bisih.org. The BIS Innovation Hub is accepting feedback on the blueprint and can be contacted at email@example.com.