Europe's Target Settlement system is to join Project Nexus, a Bank for International Settlements initiative to connect domestic real-time networks across borders.
Nexus is designed to provide a centralised single connection to instant payment networks across the world, using ISO 20022 message specifications and a suite of prupose-built APIs.
Following a successful proof-of-concept between the Eurosystem, Malaysia and Singapore in 2022, the BIS in Singapore has since worked with the central banks and IPS operators of Indonesia, Malaysia, the Philippines, Singapore and Thailand to evaluate the model and move to a live implementtation of Nexus.
As part of exploratory work on linking its Target Instant Payment Settlement with other fast payment systems, the Eurosystem has now expressed its intention to join the project, says the BIS.