Nexus Global Payments has named José Beltrán as its first independent Board Chair and confirmed Bank Indonesia’s entry into its cross-border instant payments network.

Beltrán brings experience from the European payments sector, where he was involved in the development of EBA Clearing’s STEP2 system and the European Payments Council’s SEPA rulebooks.

He has also served as President of the European Automated Clearing House Association and as a board member of the European Card Stakeholder Group.

“We are pleased to welcome José Beltrán as our inaugural Board Chair, whose experience and leadership will be instrumental as we move into our next phase of growth.

The addition of Indonesia in our network, alongside ECB’s continued feasibility work and FLAR’s decision to formalise cooperation, reflects the growing momentum and confidence in Nexus,”

said Andrew McCormack, Chief Executive Officer of Nexus Global Payments.

Indonesia has formally joined Nexus after previously participating as a Special Observer.

Bank Indonesia will now proceed with work to connect its national instant payment system to the Nexus platform.

The network’s founding central banks are the Reserve Bank of India, Bank Negara Malaysia, Bangko Sentral ng Pilipinas, Bank of Thailand and the Monetary Authority of Singapore.

Indonesia’s inclusion is significant given its position as one of the world’s largest remittance markets, both as a major source of outbound remittances and a recipient of inflows from overseas workers.

Separately, the European Central Bank said it will continue work on the feasibility of a potential connection to Nexus while completing the necessary legal arrangements and agreements.

Nexus Global Payments has also signed a memorandum of understanding with the Latin American Reserve Fund to explore future connectivity with its member countries.

Featured image: Edited by Fintech News Singapore, based on image by PR Newswire