The Bank for International Settlements Innovation Hub Singapore Center and the Monetary Authority of Singapore (MAS) published a proposed blueprint to enhance the global payments network connectivity via multilateral linkages of countries’ national retail payment systems.
Titled Project Nexus, this blueprint outlines how countries can fully integrate their retail payment systems onto a single cross-border network, allowing customers to make cross-border transfers instantly and securely.
According to a statement from MAS, “this blueprint will bring like-minded regulators and instant payments operators along with global bodies like the G20 and the Committee on Payments and Market Infrastructures (CPMI) together to make real-time cross-border payments a reality in the next two to four years”.