Central Banks Launch Tender for Cross-Border Payments Network Operator Under Project Nexus

In a significant step toward transforming global payment systems, five central banks collaborating on Project Nexus—an initiative by the Bank for International Settlements (BIS)—have officially launched a procurement process to appoint a Nexus Technical Operator (NTO). This operator will be responsible for building and managing the infrastructure for instant cross-border payments.

Project Nexus aims to interconnect domestic real-time payment systems (RTPS) globally through a centralized platform. Utilizing ISO 20022 messaging standards and custom-built APIs, the initiative is designed to streamline regulatory compliance, enhance interoperability, and foster seamless, secure transactions across jurisdictions.

Following a successful proof-of-concept in 2022 between the Eurosystem, Malaysia, and Singapore, BIS has collaborated further with the central banks and instant payment system (IPS) operators of Indonesia, Malaysia, the Philippines, Singapore, and Thailand to refine the model.

With live deployment approaching, BIS is transitioning oversight to Nexus Global Payments (NGP)—a newly established entity headquartered in Singapore and backed by the Reserve Bank of India, Bank Negara Malaysia, Bangko Sentral ng Pilipinas, the Monetary Authority of Singapore (MAS), and the Bank of Thailand. The European Central Bank and Bank Indonesia will remain engaged as special observers.

NGP will oversee the operationalisation of Nexus, ensuring safe, efficient, and scalable cross-border payment connectivity. The first-mover central banks will provide the initial capital and leadership needed to operationalize the platform, with the long-term vision of expanding Nexus membership globally.

To facilitate a seamless handover, BIS will offer transitional support and knowledge transfer until the first live Nexus transaction is completed. Benjamin Lee, an MAS executive, has been appointed interim director of NGP, pending the recruitment of a permanent leader.

In parallel, NGP has opened an international procurement process to select a qualified service provider for the role of Nexus Technical Operator. This partner will be tasked with the platform’s technical development, day-to-day operations, regulatory compliance monitoring, cybersecurity, and ongoing system integrity.

The evolution of Project Nexus marks a milestone in the global adoption of regulatory technology solutions for cross-border payments, advancing real-time compliance, financial crime prevention, and digital governance on a multinational scale.