Nexus or Icebreaker? Two competing ideas are jostling for attention, each promising to reshape inefficient systems of moving money from one country to another. Instead of trying to choose between them, central banks should give both a shot. The European payment system recently did a trial linkup with Malaysia and Singapore under the Bank for International Settlements’ Nexus protocol, designed to transfer funds between bank accounts in different countries under 60 seconds. Meanwhile, the monetary authorities of Israel, Norway and Sweden have tested a separate BIS-backed initiative that achieves the same goal of fast cross-border retail payments. Project Icebreaker uses central bank digital currencies, or CBDCs, instead of bank accounts.