KUALA LUMPUR, July 1 (Xinhua) -- Malaysia's central bank said Monday that Project Nexus has completed a comprehensive blueprint for connecting domestic instant payment systems (IPS) globally, and is preparing for work towards live implementation.
Bank Negara Malaysia (BNM) said in a statement that the Bank for International Settlements (BIS) and its partners have completed the comprehensive blueprint for Phase III of Project Nexus, which will allow ready participants to work towards the next stage of seamlessly connecting their instant payment systems.
According to the statement, Phase IV will see BNM, Bangko Sentral ng Pilipinas, the Monetary Authority of Singapore, the Bank of Thailand and domestic IPS operators -- who worked together in Phase III -- joined by the Reserve Bank of India, expanding the potential user base to India's Unified Payments Interface.
It is noted that Bank Indonesia (BI) will continue its association with the project with special observer status. BI took part in Phase III and will continue in this capacity to follow the project in the next stage of its development. ■