Terminology & Acronyms
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 |
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) |
KYC | Know Your Customer |
LP | Liquidity Provider |
PSP | Payment Service Provider |
QR Code | Quick Response code |
RFI | Request for Information |
RTGS | Real Time Gross Settlement |
SEPA | Single European Payment Area |
SGD | Singapore Dollar |
SLD | Service Level Description |
SLP | Source Liquidity Provider |
TIPS | TARGET Instant Payment Settlement |
UPI | Unified Payments Interface (India only) |
USD | United States Dollar |