The Future of Cross-Border Payments

Andrew McCormack, Head, BIS Innovation Hub Singapore Centre, discusses Project Nexus, a blueprint for connecting multiple national payment systems into a cross-border network that could enable international payments to happen almost instantaneously. He talks about the successful completion of Phase II, which involved building a working prototype to link three established payment systems, and looks forward to Phase III, which will see five Southeast Asian countries work towards connecting their domestic payment systems. He also talks about the challenges facing the project as well as its ultimate aims. He touches upon innovations in the financial space and looks back on the major insights he gained in his time as head of the Singapore Centre.