Indonesia’s central bank has joined the Bank for International Settlements (BIS)-led Nexus project to link its instant payment system with regional peers, aiming to cut costs, speed up transfers, and expand cross-border payments.
Bank Indonesia (BI) will work with five central banks —Malaysia’s Bank Negara Malaysia (BNM), the Philippines' Bangko Sentral ng Pilipinas (BSP), Singapore’s Monetary Authority of Singapore (MAS), Thailand’s Bank of Thailand (BOT), and India’s Reserve Bank of India (RBI)— to prepare and implement the Nexus platform.
BI Governor Perry Warjiyo said Indonesia’s participation is a strategic move to provide efficient and affordable cross-border payment services for households and businesses, citing Indonesia’s status as one of the world’s largest remittance corridors.
More integrated payment connectivity is expected to strengthen Indonesia’s regional economic and trade ties, enabling faster money flows for commerce, tourism, and migrant workers.
Launched by the BIS in 2021, Nexus aims to streamline cross-border payments by linking domestic instant payment systems. The project entered its implementation phase in 2025 with the establishment of Nexus Global Payments (NGP).
BI, previously a special observer, will now participate as a full Nexus member and upgrade its BI-FAST instant payment system to enable interoperability with the platform.
The central bank said the BI-FAST integration with Nexus would improve efficiency, reduce transaction costs, and expand financial inclusion, while ensuring domestic clearing and settlement remain within Indonesia to safeguard national sovereignty.
The initiative aligns with Indonesia’s Payment System Blueprint 2030 and ASEAN’s Regional Payment Connectivity framework launched in 2022, and supports the G20 agenda on reforming cross-border payments.
BI added it will continue expanding cross-border payment networks through closer cooperation with central banks and regulators across multiple jurisdictions.
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Translator: Rizka Khaerunnisa, Martha Herlinawati Simanjuntak
Editor: Arie Novarina
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