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Nexus Overview
PARTICIPANTS
Participants in the Nexus Network
User Experience
User Needs of Senders and Recipients
User Needs for Other Participants
The User Journey for Nexus Payments
An End-To-End Payment Through Nexus
Overview of Payment Flow
Setup: Synchronizing Service Level Descriptions (SLDs)
Setup: FX Providers update their rates
Step 1: Retrieving the SLD for the Destination IPS
Step 2: Retrieving current FX quotes
Step 3: Account Validation
Step 4: Confirmation of Payee
Step 5: Sanctions Screening Pre-Approval
Step 6: Final Payment Instruction
IPS & Bank Functionality
IPS Service Level Descriptions
Addressing Payments
Reachability & Availability Checks
Account Validation
Confirmation of Payee
Sanctions Screening
Sanctions Screening
FX PROVIDERS & LIQUDITY PROVIDERS
FX Providers
Liquidity Providers
Roles vs Entities: Possible Configurations of FX Providers and Liquidity Providers
Providing FX Quotes
Ensuring a Competitive FX Market
Managing Liquidity
FX Provider Blacklists
RISK MANAGEMENT
Credit, FX and Liquidity Risk
Settlement Risk Due to Insolvency of a Participant
NEXUS GATEWAY & SCHEME
Nexus Gateway
Nexus Scheme
ANNEX: API & Message Definitions
API Structure Overview
ISO 20022 Terminology
SLD API
Quote API
Account API
Payee API
Sanctions Screening Pre-Approval API
Payment Instruction (Source Bank to Source IPS)
ANNEX: Recalls & Unhappy Flows
Terminology & Acronyms
Payment Recalls & Unhappy Flows
About
Contact the Nexus Team
Terms and Conditions of Use
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Step 1: Retrieving the SLD for the Destination IPS
The Source Bank ask the Source Gateway for the Destination IPS's Service Level Description
As a first step in the payment process, the Sender must select the Destination country for the payment (1). The Source Bank will then call the Source Gateway’s SLD API (2), to retrieve the SLD for the Destination IPS.
The Source Gateway will load the SLD for the Destination IPS and return this to the Source Bank.
This step is necessary so that the Source Bank’s app knows which information to ask the Sender for and can set up the screens accordingly. For example, the app needs to know what account formats or aliases are accepted and the maximum payment size that can be sent to that country.
As described above, a synchronized SLD is stored locally by the Source Gateway. Because the functionality in an IPS is rarely changed, SLDs are rarely updated. For this reason, it is more efficient for the Source Gateway to store a copy of the Destination IPS’s SLD than to ask the Destination Gateway for the SLD on a payment-by-payment basis. The SLD synchronization process described earlier ensures that all the local copies of SLD are up to date.

Message Flow

Triggered by GetSLD API call.
The Source Bank asks the Source Gateway for the Destination IPS's SLD.

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An End-To-End Payment Through Nexus - Previous
Setup: FX Providers update their rates
Next - An End-To-End Payment Through Nexus
Step 2: Retrieving current FX quotes
Last modified 11mo ago
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Contents
Message Flow