PSP-based improvements
FX Providers may also want to offer better rates to specific PSPs, for example, PSPs that already have a strong business relationship with 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 preferential rates 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.
TABLE: Structure of a single PSP-based improvement
ELEMENT | USAGE | EXAMPLES |
Id | Primary key of this PSP-based improvement, unique to a specific FXP and specific PSP | 3289 |
FXP Id | Internal Nexus ID for the FXP (not external ID such as BIC or LEI, which is used in the API requests and responses) | 1301 |
PSP Id | Internal Nexus ID for the PSP (not external ID such as BIC or LEI) | 0592 |
Improvement | An improvement, recorded in basis points, which is applied to the rates after any tier-based improvements have been calculated. | 30 |
DateTimeExpired | Initially blank. When the FXP issues a new Improvement for this PSP, the old one is set to expire. |
TABLE: Example PSP-based improvements
FXP Id | PSP Id (this would be a BIC) | IMPROVEMENT in basis points (applied to the base rate in the FXP’s quote) |
FXP-A | PSP-C | 25 |
FXP-A | PSP-D | 50 |
FXP-B | PSP-D | 30 |
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