BIS Innovation Hub - Nexus
Nexus - Short ReportAbout the BIS Innovation Hub
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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
Request for Recall
Unhappy Flows
Investigation flow
About
Contact the Nexus Team
Terms and Conditions of Use
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Payment Recalls & Unhappy Flows
This section describes:
    A recall flow that allows a Source Bank to request the reversal of a completed payment (for example, if the Sender disputes the payment)
    Unhappy flows where operational errors mean that the payment cannot be completed and must be reversed and cancelled
    An investigation flow that allows Source Banks to query the status of a payment if they have not received confirmation of successful completion
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ANNEX: Recalls & Unhappy Flows - Previous
Terminology & Acronyms
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Request for Recall
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