Setup: FX Providers update their rates
FX Providers send their quotes to their local Nexus Gateway
Quotes can be sent to any Nexus Gateway; it is up to the FX Provider to choose the one most convenient for them. This could be based on jurisdiction, geographical location or any other consideration. The Nexus Gateway will then relay those quotes across the network, ensuring that the quote reaches the Nexus Gateway of the Source Currency.
Quotes can be made public and thus available to any Participating Bank, or made private, in which case the quote is only available to a specific listed subset of banks.
When processing the quote update request, Nexus will validate the request (by checking that the FX Provider is set up to quote for that currency pair and has nominated validated Liquidity Providers in both the Source and Destination Country). It will then save the new quote as current. Nexus will set the old quote to expire five minutes after the new quote is received, to allow any Senders who were shown the old quote time to complete their payment setup.
The Nexus Gateway sends a message to the FX Provider which (a) confirms that their quote has been successfully updated and (b) includes the full list of current quotes from all FX Providers, so that the FX Provider can see how they compare to the market and adjust their rates if they wish to.
Message flows used when FX Providers update quotes