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An FX Provider can be any licensed financial institution that is:
- 1.Willing to quote FX rates for specific corridors between Nexus countries (ie. from currency A in IPS-A to currency B in IPS-B). These rates will be shown to Source PSPs when any PSP calls the
- 3.Licensed to perform the role as FX Provider by their regulator, and compliant with all relevant regulatory requirements.
An FXP must sign an adherence agreement to become a direct member of the Nexus Scheme. The adherence agreement requires them to comply with the various obligations and responsibilities of being an FXP in Nexus, as defined in the Nexus Scheme rulebook.
At the point of onboarding, an FXP must inform Nexus of:
- The corridors (currency pairs) that it wishes to quote for.
- For IPSs where the FXP is a member (ie the FXP acts as SAP to itself):
- the FXP's BIC in that country. (This is used to identify the FXP's settlement account to and from which payments should be made.)
- For IPSs that the FXP accesses via a separate SAP:
- the BIC of the FXP's Settlement Account Provider, and
- the number of the FXP's account at that Settlement Account Provider
This information is stored by Nexus and used to route payments to and from the FXP's account in various countries. It is provided to PSPs when they call the
GET /intermediaryAgents/API operation with a valid quote ID.