Part of the FX Service. Used by PSPs.
As soon as Sender has selected the Destination Country for the payment and entered the Source Currency Amount or Destination Currency Amount, the PSP can call the
Because some countries have instant payment systems that operate in more than one currency, both the currencies and the countries must be specified in the API call.
The PSP must also specify (using the
amtCcyquery parameters) either:
- The Source Currency Amount that should be debited from the Sender’s account, or
- The Destination Currency Amount that should be credited to the Recipient’s account
The PSP should also provide their PSP Id (typically BIC) so that Nexus can calculate if each FXP provides any discount (PSP-based improvement) for that PSP.
Return a list of quotes for a specific currency pair
GET /quotes/API automatically applies any tier-based or PSP-based improvements, and checks the maximum value of a payment through both IPSs, adjusting the payment value automatically if necessary. Each steps is described in more detail below.
In Nexus a specific FXP can offer better rates for larger transactions. This works as follows:
- For each specific Source Currency, an FXP can define a number of “tiers” at which better rates apply.
- For each tier, the FXP will define how much the base rate (as provided in the
POST /rates/API) should be improved, in basis points.
FX Providers may also want to offer better rates to specific PSPs, for example, PSPs that are already customers of the FXP. In Nexus this works as follows:
- An FXP can define the PSPs to which it wishes to offer improved rates
- For each PSP, the FXP can define how much the base rate should be improved, in basis points.
- When a Source PSP calls the
GET /quotes/API, Nexus will check whether any FXPs have registered improvements for that PSP and apply the improvement to the FXP's base rate.
- An FXP does not need to set any PSP-based improvements. If no PSP-based improvement is set for a specific PSP, the base rate will apply.
Some instant payment systems set limits on the maximum size of a transaction which can be sent. An IPS may also set a lower limit on cross-border payments through Nexus than on domestic transactions.
If the PSP were to send a transaction that exceeded the maximum value of either the Source or Destination IPS, it will be rejected by that IPS. To avoid this, Nexus will validate that the Source Currency Amount and Destination Currency Amounts do not exceed the maximum value in each UPS before returning the list of quotes. This is done as follows:
- For each rate in the quotes response, Nexus will calculate if either the Source Currency Amount or Destination Amount Currency Amount exceeds the relevant UPS’s MaxValue
- If so, Nexus will calculate the maximum value (in both Source and Destination Currency Amounts) which can actually be sent
- This information will be returned in the quotes list in “
AdjustedSourceAmount” and “
- If the value of the payment is capped at a lower value than the Sender requested, the response for any adjusted rates will include the
AdjustedReasonelement, which will inform the PSP whether the Source UPS Max Value or Destination UPS Max Value (or both) was exceeded.
- The Source PSP should also inform the Sender that the amount they requested was above the relevant limits and has been adjusted accordingly.
The Source Gateway returns a list of all quotes available for that currency pair, ordered from best to worst (ie. sorted by rate in descending order). Each quote includes the following information:
The Source PSP is responsible for selecting the FX Provider and quote that the PSP wishes to use. The PSP does not need to show the list of quotes to the Sender.
The PSP must store the Quote ID of the preferred quote in memory as the PSP will need to use it when setting up the payment instruction.