RBI joins Project Nexus

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It is a project jointly launched by Bank for International Settlements ( BIS ).

Individual instant payment systems (IPS) like UPI of India need to establish custom connections for every new country that it wants to connect. 

Project NEXUS was initiated to address this issue.

Once instant payment systems (IPS) establishes connection with Nexus Platform, it can reach all instant payment systems (IPS) connected to Nexus Platform instead of establishing individual custom connection.

History of Project:

The BIS Innovation Hub commenced the project in 2022. 

MOU was signed in this regard in November 2022 between Bank Indonesia, Bank Negara Malaysia, Bangko Sentral ng Pilipinas, the MAS and the Bank of Thailand. Brunei Darussalam Central Bank, Bank of the Lao People's Democratic Republic and the State Bank of Vietnam have later joined to this initiative.

  1. Business Standard, 
  2. "Project Nexus: enabling instant cross-border payments" - BIS
  3. "Project Nexus completes comprehensive blueprint for connecting domestic instant payment systems globally and prepares for work towards live implementation" - BIS


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