Nexus Global Payments is targeting the fourth quarter of 2027 to start operating its network for cross-border instant payments, according to material its chief executive, Andrew McCormack, presented at a Bank of Korea conference in Seoul on November 11.
The network will connect the domestic instant payment systems of India, Indonesia, Malaysia, the Philippines, Singapore and Thailand through one shared platform, so each country does not need a separate link with every partner. It is designed to meet the G20 goal of completing cross-border transfers within 60 seconds, with fees and exchange rates shown to the sender before the payment is made. Banks and foreign exchange providers will still handle currency conversion and settlement. McCormack named four aims: lower fees, faster processing, wider access and clearer payment information.
Nexus Global Payments was set up in 2025 by the central banks of India, Malaysia, the Philippines, Singapore and Thailand to run the platform first designed under the BIS Project Nexus. In February it chose a joint venture of Malaysia’s PayNet and Singapore’s NETS as technical operator, working with AWS and Endava, and moved the go-live target from 2026 to 2027. South Korea does not take part, and the Bank of Korea has not announced plans to join.
Why it matters: A fourth-quarter date gives banks and payment firms in the six markets a firmer deadline to connect, and puts Nexus about a year after the original 2026 target. Remittance firms that now carry these payments will face a faster public route between the six markets. Watch for which banks and payment providers sign up first, and whether more central banks join before launch.
Source: Aju Press, November 11, 2026; The Herald Business, November 11, 2026; ClearingPost, March 19, 2026
Image: Otraff, CC BY-SA 3.0, via Wikimedia Commons
