BIS Innovation Hub work on next-generation FMIs
Financial market infrastructures include the payment systems that we use every day, as well as more specialised systems that move money, shares, bonds and other financial assets between banks and financial institutions. Some of these systems are provided by central banks as public goods, while others are provided by non-profit groups supervised by central banks to ensure their safety and resilience.
Over 70 countries have now implemented instant payment systems, which can move money between bank accounts in the same country within seconds, but don't usually allow payments to other countries.
The BIS Innovation Hub is exploring how these domestic systems could be linked together to enable faster and cheaper cross-border payments. Project Nexus provides a blueprint to standardise the way that national platforms speak to each other. It aims to enable cross-border payments in less than 60 seconds.