How to use this site

We recommend starting by reading chapter 2 of the 2024 overview report for a non-technical overview of how Nexus works.

The rest of this site gives a more technical overview of Nexus, tailored at professionals in the payments industry. Each section begins with a 60-second summary.

• Payment Setup describes the scope of Nexus payments and how they are setup from the Sender's perspective. It describes some of the information that is exchanged between the Sender's bank (the Source PSP) and Nexus.

• Addressing & Proxy Resolution describes how payments in Nexus can be addressed using proxies (like a mobile number), International Bank Account Numbers or local account numbers. It also describes the features that allow the Sender to confirm the identity of the payee.

• FX Provision describes the role of financial institutions who swap the sender's currency for the recipient's.

• Payment Processing describes how banks or payment service providers (PSPs) and instant payment system operators (IPSO) should process Nexus payments, and what to do when something goes wrong.

• Settlement Access Provision describes the role of the financial institutions who provide accounts to FX Providers (and some foreign PSPs) so that they can provide FX to Nexus payments, despite not being a full member of a country's IPS.

• Messaging & Translation describes the specific ISO 20022 messages that are used in Nexus. It also describes how countries who do not use ISO 20022 domestically should translate to and from the Nexus standard messages.

This site is a live document, and will be regularly updated with the latest specifications as the project advances.

We welcome feedback and suggestions for improvement to the design of Nexus.