Central Banking

BIS ‘Project Nexus’ targets 60-second cross-border payments

Electronic payments

The Bank for International Settlements has launched a project that aspires to link up high-speed domestic payments systems across borders.

‘Project Nexus’ aims to build a global retail payments network on top of existing instant payments systems (IPS) operated by central banks, a report published on July 27 says. The hope is that small-value transfers could be sent, converted and cleared across borders in as little as 60 seconds.

It could take years for two IPS to build connectivity, given

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