TPT #37 NEXUS

Description:
In this episode, we engage with Mark Munne from Nexus Global Payments (NGP) to discuss the innovative Project Nexus, which grew out of the Bank for International Settlements (BIS) and is aimed at enhancing instant cross-border payment systems. We discuss the challenges of interoperability, the governance structure of Nexus, and the importance of transparency and cost reduction in international transactions. Mark shares insights on the project's goals, its operational model, and the future of global payment solutions, emphasizing the need for collaboration among central banks and payment systems.

Nexus Global Payments website: https://www.nexusglobalpayments.org/

Chapters
00:00 Introduction to the Payments Trilogue and BIS
01:14 Mark Munne's Journey in Payments and BIS Innovation Hub
03:10 Challenges of Cross-Border Payments
05:00 Understanding the Complexity of Instant Payments
07:25 The Nexus Project: A Multilateral Solution
12:42 Objectives and Success Metrics of Nexus
14:37 Initial Use Cases and Future Expansion of Nexus
16:34 Navigating the Landscape of Payment Initiatives
18:42 Connecting Existing Systems and Future Possibilities
20:09 Connecting Initiatives and Payment Systems
23:05 Navigating Compliance and Traffic Distinctions
25:03 Domestic Transactions and Cross-Border Challenges
27:04 Interoperability in European Payment Systems
30:22 Nexus as a Non-Profit Model
32:36 Balancing Costs and Competition in Cross-Border Transactions
37:00 The Complexity of Building a Global Payment Solution