Bank Negara: Project Nexus completes comprehensive blueprint for connecting domestic IPS globally

Bank Negara Governor Datuk Abdul Rasheed Ghaffour (second from right) and Bank for International Settlements (BIS) general manager Agustín Carstens (third from right), along with (from left to right) Bank of Thailand Governor Sethaput Suthiwartnarueput, Bangko Sentral ng Pilipinas Governor Eli Remolona, Reserve Bank of India Governor Shaktikanta Das and Monetary Authority of Singapore Managing Director Chia Der Jiun at the Project Nexus phase four launching ceremony.

KUALA LUMPUR: The Bank for International Settlements (BIS) and partners, including Bank Negara Malaysia (BNM), have completed the comprehensive blueprint for Phase Three of Project Nexus, which will allow ready participants to work towards the next stage of seamlessly connecting their instant payment systems (IPS).

In a statement, BNM said Phase Four will see BNM, Bangko Sentral ng Pilipinas, Monetary Authority of Singapore, Bank of Thailand and domestic IPS operators -- who worked together in phase three -- joined by the Reserve Bank of India, expanding the potential user base to India’s Unified Payments Interface, the world’s largest IPS.