Tests have been successfully carried out on the connection of the instant payment systems of the Eurosystem, Malaysia, and Singapore using the Bank for International Settlements Project Nexus model. Banca d'Italia, the Central Bank of Malaysia, and the Monetary Authority of Singapore, alongside payment system operators PayNet and Banking Computer Services (BCS), carried out these tests to improve the speed, transparency, accessibility, and cost of cross-border payments between three areas:
- The Eurosystem's TARGET Instant Payment Settlement (TIPS) system, operated by
Banca d'Italia on behalf of the Eurosystem and overseen by the European Central Bank;
- Malaysia's Real-time Retail Payments Platform (RPP) operated by Payments
Network Malaysia (PayNet) and overseen by Bank Negara Malaysia;
- Singapore's Fast and Secure Transfers (FAST) payment system, operated by
Banking Computer Services (BCS) and overseen by the Monetary Authority of Singapore.
The Bank for International Settlements has published a report giving further details on the Project Nexus proof of concept.