Nexus - Short Report
About the BIS Innovation Hub
Search…
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
Powered By
GitBook
Terminology & Acronyms
Nexus terminology and equivalent terms
We use the following terms throughout the Nexus blueprint.
Term used in this document
Equivalents used elsewhere
Source
Originating country
Destination
Beneficiary
Instant Payment System (IPS)
Fast Payment System (FPS), Real-Time Payments (RTP)
Sender
Payer, Originating Customer, Ordering Customer, Debtor
Source Bank
Originating Bank (OB), Debtor’s Agent
Destination Bank
Beneficiary Bank, Creditor’s Agent
Recipient
Payee, Beneficiary
Acronyms used in the blueprint
Acronym
Term
AML
Anti-Money Laundering
API
Application Programming Interface
AVE
Account Validation and Enrichment
BIC
Bank Identifier Code
BSB
Bank State Branch (Australia only)
CFT
Countering the Financing of Terrorism
CPMI
Committee on Payments and Market Infrastructures
DLP
Destination Liquidity Provider
DNS
Deferred Net Settlement
FATF
Financial Action Task Force
FX
Foreign exchange
FXP
FX Provider
GBP
Great British Pound
IBAN
International Bank Account Number
IFSC
Indian Financial System Code
INR
Indian Rupee
IPS
Instant Payment System
IPSO
Instant Payment System Operator
KYB
Know Your Business (customer)
ANNEX: API & Message Definitions - Previous
Payment Instruction (Source Bank to Source IPS)
Next - ANNEX: Recalls & Unhappy Flows
Payment Recalls & Unhappy Flows
Last modified
9mo ago
Export as PDF
Copy link
Contents
Nexus terminology and equivalent terms
Acronyms used in the blueprint