Nexus - Short Report
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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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Contact the Nexus Team
Nexus is led by the BIS Innovation Hub's Singapore Centre. Please contact the team at
[email protected]
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