In a statement, the BSP said this next phase will involve the Central Bank of Malaysia, the Monetary Authority of Singapore, the Bank of Thailand, and the Philippine financial regulator, along with the newly joined Reserve Bank of India (RBI)
RBI’s participation, in particular, will result in the integration of India's Unified Payments Interface (UPI), the world's largest IPS.
BIS General Manager Agustin Carstens highlighted the project's potential to connect a market of 1.7 billion people, enhancing cross-border payments in line with the G20 program.
BSP Governor Eli Remolona, Jr. emphasized the benefits of this scheme for overseas Filipinos and small enterprises.
Nexus is designed to standardize domestic IPS connections, allowing a single connection to reach all countries in the network, significantly simplifying the process for IPS operators.
Bank Indonesia will continue its involvement as a special observer, having participated in phase three.
A new entity, the Nexus Scheme Organisation (NSO), will be established to manage and expand the Nexus scheme. The BIS will support this initiative through technical advisory and cooperation facilitation, aiming for global scale implementation.
