As the global demand for faster, more affordable, and increasingly transparent cross-border payments intensifies, Project Nexus is emerging as a foundational initiative to meet the G20’s ambitious roadmap.
Initially developed by the BIS Innovation Hub, Project Nexus aims to link domestic instant payment systems (IPS) through a single multilateral gateway, replacing the current patchwork of costly and complex bilateral connections.
Today, the initiative is led by Nexus Global Payments (NGP), a not-for-profit organisation formed by the central banks and IPS operators of five pioneering countries: India, Malaysia, the Philippines, Singapore, and Thailand.
To delve deeper into how Nexus supports this mission, we spoke with Ricky Lim and Eli Shoshani.
Ricky is the former CEO of Banking Computer Services (BCS), the national ACH for Singapore that is part of the NETS Group.
During his time at BCS and NETS, he led the development of FAST and PayNow, and also spearheaded cross-border QR and instant payment linkages to key corridors including China, Malaysia, Thailand, and India.
BCS played a key role in the early phases of Project Nexus as Singapore’s Instant Payments Systems Operator in supporting the proof-of-concept and the formation of the Nexus scheme.
Ricky now serves as Managing Director for South Asia at TBCASoft, a global fintech driving next-generation cross-border NFC and QR person-to-merchant (P2M) payments using blockchain-based technology.
Eli Shoshani is Head of APAC at Bottomline, a leader in global business payments with extensive expertise in the region.
Bottomline helps financial institutions modernise their payments infrastructure and enable multi-rail connectivity, while also supporting their readiness for industry-wide mandates and initiatives such as ISO 20022 and those similar to Project Nexus.
Its expertise is built on experience supporting leading banks and integrating with major payment networks, including Swift and Visa, with Thunes expected to follow soon.
What is Project Nexus, and how does it address today’s cross-border payment challenges?
Ricky Lim: Project Nexus was created to interlink domestic Instant Payment Systems (IPS) through a multilateral and standardised model.
The challenge today is that many countries operate their own IPS, but cross-border payments still rely on slow and expensive correspondent banking arrangements.
With Nexus, banks and fintechs connect once through their IPS to a shared platform instead of building separate bilateral links with each market.
Payments will be routed through Nexus, allowing for real-time processing—often in under 60 seconds.
The system uses global standards like ISO 20022, which ensures that all participants can communicate efficiently, regardless of local system differences.
Ultimately, this model optimises cross-border transaction workflows, cutting down processing layers and intermediaries, elements that have traditionally slowed cross-border payments.
How does Nexus align with the G20 Roadmap’s objectives for cross-border payments?
Ricky Lim: The G20 roadmap highlights key issues that have long plagued cross-border payments—lack of speed, high cost, limited access, and insufficient transparency.
Nexus aims to address each of these areas directly.
For instance, according to the World Bank, while the global average cost of sending remittances is still around 6%, Nexus is working toward reducing that to below 3%. It’s not just about cheaper payments, though.
The target is also to have 75% of cross-border transactions completed within one hour, and Nexus will be built for that kind of efficiency.
The use of a multilateral model rather than bilateral links supports broader access, especially for smaller institutions and markets that may not have the capacity to form direct linkages with every other market.
From a transparency standpoint, the system supports richer messaging, allowing for greater user transparency on payment cost and fulfilment.
All of this reflects what the G20 set out to achieve.
What strategic benefits does Nexus offer APAC banks aiming to modernise their cross-border payment capabilities?
Eli Shoshani: For APAC banks, Nexus presents an opportunity to elevate their role in the regional and global payment ecosystem.
The ability to process transactions quickly and cost-effectively makes their services more attractive, especially to SMEs and individuals with frequent cross-border needs.
It also allows banks to reach new corridors—markets that were previously too costly or operationally difficult to support.
In a region as diverse as APAC, having access to a shared infrastructure like Nexus simplifies a lot of the operational complexity.
Banks can modernise while staying aligned with global standards without needing to overhaul their systems.
How can APAC banks differentiate themselves by participating in Nexus?
Eli Shoshani: Early participation allows banks to set themselves apart as leaders in innovation and efficiency.
Customers increasingly expect faster, more affordable, and more transparent services.
By joining Nexus, banks can respond to that demand in a tangible way.
They also gain access to corridors that competitors may not yet be operating in, giving them a strategic first-mover advantage.
Moreover, banks that are able to integrate cross-border payments into their broader digital offerings will be better positioned to serve both retail and business clients more holistically.
What makes Nexus a scalable and sustainable approach for cross-border payments?
Ricky Lim: The key idea behind Nexus is “one connection”. Once a bank connects to Nexus, it can transact with all existing participants and any new ones that join later.
That’s a huge advantage compared to the current system, where every new link requires a separate bilateral setup. The more links you build, the more complicated and expensive it becomes.
We call it a “spaghetti” network, and that’s exactly what Nexus helps avoid.
By using common standards like ISO 20022 and API-based messaging, Nexus ensures that onboarding new participants is much smoother, faster and less costly.
This structure not only makes the model scalable, but also sustainable in the long term, especially as more countries and IPS come on board.
How does Nexus drive down the cost of cross-border payments for financial institutions?
Ricky Lim: The traditional correspondent banking model involves multiple intermediaries—each adding transaction costs, each introducing potential delays.
Nexus aims to eliminate that by connecting IPS systems directly. This removes layers of fees and reduces settlement time.
Banks also save on integration costs, with fewer systems to manage and maintain.
And when more participants are on the network, infrastructure and operational costs are shared, which helps keep running costs manageable.
On top of that, the platform can support a competitive FX marketplace, so institutions can access better rates, further lowering overall transaction costs, also benefiting the end users.
What progress has Nexus achieved, and what are the next key milestones?
Ricky Lim: The initial proof of concept involved Singapore, Malaysia, and Italy, demonstrating the concept’s viability across diverse markets.
Since then, BISIH together with the central banks of ASEAN-5—Indonesia, Malaysia, the Philippines, Singapore, and Thailand—have developed a live implementation blueprint.
Right now, the focus is on setting up the Nexus scheme organisation, which will oversee the scheme’s structure, governance and operations.
An RFP is also underway to select the Nexus technical operator that will be responsible for building and running the infrastructure.
With these in place, Nexus can move towards onboarding countries, and expanding the network beyond Southeast Asia.
What practical use cases and insights emerged from the ASEAN-5 implementation phase of Project Nexus?
Ricky Lim: The most immediate use cases are person-to-person transfers and SME payments.
These tend to be low-value, high-volume transactions and are very sensitive to fees and delays.
Being able to make real-time, low-cost payments is a huge benefit for these stakeholders.
We also saw that the multilateral model works in practice—not just technically, but also in terms of governance, operational and commercial alignment.
The pilot also helped identify what kinds of rulebooks, service-level agreements, and compliance processes need to be in place.
That’s a critical foundation for any network that aims to scale across countries.
How can solution providers with multi-rail cross-border payment expertise support banks preparing for Nexus and similar initiatives?
Eli Shoshani: Providers like Bottomline can act as an enabler for banks.
We already work with the key messaging and integration standards used in cross-border initiatives and have connections with both domestic and international payment systems.
This makes it easier for banks—especially those already operating IPS and cloud infrastructure—to connect to new payment rails like Nexus with minimal disruption.
We also provide the compliance, data, and security frameworks that are needed for cross-border activities.
Essentially, we take care of the technical heavy lifting so banks can focus on delivering the service to their customers.
Why is ISO 20022 adoption crucial for banks aiming to leverage Nexus?
Ricky Lim: ISO 20022 provides a consistent structure for payment messages, which is essential when you’re dealing with multiple systems across borders.
It allows for richer, more detailed data in each transaction, which helps with compliance, reconciliation, and overall transparency.
Since Nexus is built on this global standard, banks that have already adopted ISO 20022 are in a strong position to integrate smoothly.
And for those that haven’t yet made the switch, it’s becoming increasingly important—not just for Nexus, but for interoperability across the global financial system.
In what ways does Nexus differentiate itself from existing cross-border payment rails like Visa, Mastercard, and Thunes?
Ricky Lim & Eli Shoshani: The big difference is that Nexus isn’t a commercial product. It’s designed as an industry utility for public good—open, neutral, and accessible.
That makes it more inclusive, especially for smaller banks or markets that are typically underserved.
Banks also retain control over customer relationships and pricing.
Nexus is designed to complement existing networks by offering an alternative route—especially for IPS-based transactions—that is often faster, cheaper, and more transparent.
How does Nexus foster collaboration across the payments industry amidst multiple competing initiatives?
Ricky Lim: Nexus is intended to provide a common framework that encourages alignment rather than fragmentation.
Because it’s built on global standards and governed by a shared rulebook, it makes collaboration easier.
Instead of each institution building its own bespoke connections, everyone plugs into the same infrastructure.
That frees up resources to focus on customer innovation rather than backend integration.
It also supports interoperability across regions, helping to tie together different initiatives under a single, cohesive model.
Project Nexus represents a paradigm shift for APAC financial institutions aiming to modernise their cross-border payment capabilities.
By simplifying infrastructure, reducing costs, and aligning with global standards, Nexus not only supports the G20 targets but also empowers banks to thrive in an increasingly interconnected world.
As more markets come on board, early adopters will be well-positioned to lead the charge toward a more inclusive and efficient global payments ecosystem.
