BIS publishes blueprint for instant cross-border payments

BIS Innovation Hub and Monetary Authority of Singapore have published proposals for enhancing global payments network connectivity via multilateral linkages of countries’ national retail payment systems.

The blueprint, titled Project Nexus, 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 via their mobiles or internet devices.

Lucy Hadrill