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- New initiative brings together the central banks of Chile, Colombia, Paraguay, Peru and Uruguay to develop a roadmap for greater regional payment connectivity
- Project will examine how domestic instant payment systems could connect across borders, drawing on the Nexus interconnection model
October 1, 2026 --- The Global Finance & Technology Network (GFTN) is supporting the Latin American Reserve Fund (FLAR) in the launch of Project Lúmina, a critical initiative to explore greater connectivity between the region's instant payment systems. Lúmina was launched to bring together payment systems experts from the central banks of Chile, Colombia, Paraguay, Peru and Uruguay, alongside GFTN, FLAR and Nexus Global Payments. FLAR is a regional financial agreement that contributes to the well-being of Latin America and the Caribbean by providing financial support to its member countries and contributes to the harmonization of exchange rate, monetary and financial policies to promote macroeconomic and financial stability in the region. It provides financial support to its member countries and contributes to the harmonization of exchange rate, monetary and financial policies. GFTN will support the project's development and implementation, including the coordination and execution of planned activities, working alongside FLAR as project lead and Nexus Global Payments as technical and methodological partner. During the initial session of Lumina, participants discussed the project’s vision, scope and proposed work plan, as well as the Nexus interconnection model and its potential relevance to Latin America. The meeting marked the beginning of a joint work agenda to assess the technical, functional, operational, regulatory and governance requirements for potential regional interconnection.
Building a roadmap for regional payment connectivity
Nexus was developed by the Bank for International Settlements (BIS) in collaboration with central banking partners in India, Indonesia, Malaysia, the Philippines, Singapore and Thailand. Rather than each country building a separate bilateral connection to every other country's instant payment system, a domestic payment system connects once to Nexus and can then connect with the other participating systems in the network. The objective is faster, cheaper, more transparent and more accessible cross-border payments.
"Nexus was designed so that any country can connect its instant payment system once and reach every other system in the network. The value of that model grows with every country or region that joins, which is why we are so encouraged to see central banks in Latin America exploring what interconnection could look like for their region and beyond. Through Lúmina, we look forward to working closely with FLAR, GFTN and the central banks of Chile, Colombia, Paraguay, Peru and Uruguay to understand their domestic capabilities, assess the Nexus model against them, and identify practical pathways forward," said Andrew McCormack, Chief Executive Officer, Nexus Global Payments.
Lumina builds on FLAR’s international cooperation agenda. In November 2025, FLAR signed a Memorandum of Understanding with Nexus Global Payments, establishing a framework for collaboration to explore opportunities for interconnecting instant payment systems in Latin America.
“The world is moving from domestic instant payments to connected ones, and regions that act together will move fastest. Lúmina puts Latin America firmly in that global conversation, aligned with the G20's ambition for better cross-border payments. GFTN is proud to support FLAR and Nexus Global Payments in helping the region's central banks build a practical path to interconnection,” said Maha El Dimachki, CEO, GFTN Solutions.
On October 1 and 2, 2026, representatives from the five central banks will meet in Bogotá for a hands-on technical workshop, with the participation of the Nexus Global Payments team and the support of GFTN.
The workshop will provide an opportunity to explore the Nexus model and its functional and technical requirements in greater depth, while beginning to assess how these requirements relate to the current capabilities of the participating countries. Discussions will help identify priority questions, gaps, dependencies and follow-up activities to guide the next phases of Lúmina.
From assessment to a shared roadmap
Over the coming months, Lúmina will conduct readiness assessments and country-level diagnostics, identifying key gaps, dependencies and decisions needed to develop a shared roadmap. This process will consider technical, functional, operational, regulatory and governance requirements while recognising the specific circumstances of each participating country.
GFTN's role will centre on supporting the project's development and implementation, coordinating and executing planned activities across participating institutions. Together with FLAR's leadership and Nexus Global Payments' expertise, these efforts will combine the experience of participating central banks with specialised international knowledge to explore practical pathways towards regional interconnection.
"For more than four decades, FLAR has worked alongside the region's central banks to strengthen macroeconomic and financial stability across Latin America. Lúmina extends that commitment into a new area of regional cooperation. Instant payment systems have advanced significantly in many of our countries, and the next step is to explore how they can connect with one another, in a way that respects the specific circumstances of each country. By bringing together the central banks of Chile, Colombia, Paraguay, Peru and Uruguay with the expertise of Nexus Global Payments and GFTN, we are translating regional cooperation into a structured work agenda and laying the groundwork for greater financial connectivity across Latin America. The exercise is expected to be extended to other FLAR member countries," said Fidel Jaramillo Buendía, Secretary General, Latin American Reserve Fund.
Towards greater financial connectivity across Latin America
Through Lúmina, GFTN, FLAR and Nexus Global Payments aim to translate regional cooperation into a structured work agenda, laying the groundwork for greater integration of payment systems and progressively expanding opportunities for financial connectivity across Latin America.
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About GFTN
The Global Finance & Technology Network (GFTN) is a Singapore-headquartered not-for-profit organisation established in 2024. With offices in Tokyo, Berlin, and India, GFTN’s mission is to bridge policy, capital, and technology to build financial systems that are resilient, efficient, and inclusive. GFTN Services hosts global forums across five continents, bringing together innovators, entrepreneurs, investors, and policymakers from over 130 countries. It offers policy advice to governments to promote financial technology innovation, inclusion, and capacity building. GFTN Capital will be a venture capital firm investing in growth-stage FinTechs globally. For more information, please visit www.gftn.co.
About FLAR
The Latin American Reserve Fund (FLAR) is a regional financial agreement that contributes to the well-being of Latin America and the Caribbean by promoting macroeconomic and financial stability in the region. FLAR provides financial support to its member countries and contributes to the harmonization of exchange rate, monetary and financial policies.
About Nexus Global Payments
Nexus Global Payments (NGP) is a not-for-profit organisation incorporated in Singapore in March 2025. It owns and manages Nexus, a multilateral scheme first spearheaded by the Bank for International Settlements that connects instant payment systems to enable fast, secure and efficient cross-border payments. NGP is jointly owned by the central banks of India, Indonesia, Malaysia, the Philippines, Singapore and Thailand, and plans to expand participation to other countries and regions. For more information, visit www.nexusglobalpayments.org.
Media contacts
Preeti Dawra
Chief Communications Officer, GFTN
Deily Lozada Moreno
Innovation Principal, FLAR
Benjamin Lee
Chief Operating Officer, Nexus Global Payments
Benjamin.Lee@nexuspayments.org