BIS Innovation Hub
Nexus - Short ReportAbout the BIS Innovation Hub
  • Introduction
    • Nexus Overview
    • How to use this site
    • Overview Report
    • Terminology
  • Payment Setup
    • Key Points
    • Scope of Nexus payments
    • Steps 1-2: Country, Currency & Amount
    • Steps 3-6: Exchange Rates
    • Steps 7-9: Addressing, Proxy Resolution & Confirmation of Payee
    • Steps 10-11: Sanctions screening
    • Step 12: Ask the Sender for approval
    • Step 13-16: Set up and send the payment instruction
    • Step 17: Accept the confirmation and notify Sender
  • Addressing & Proxy Resolution
    • Key Points
    • Overview of Payment Addressing in Nexus
      • Addressing via Proxies (Aliases)
      • Addressing via Account Details
    • Address Types & Inputs
      • Address Types
      • Address Inputs
      • Financial Institution Identification
      • List of PSPs
      • Examples
    • Proxy & Account Resolution Process
      • Step 1: Sender inputs proxy or account details
      • Step 2: Proxy Resolution Messaging Sequence
      • Step 3: Account Resolution Messaging Sequence
      • Step 4: Source PSP processes the results
      • Masking of Display Names
    • Role of the Proxy Directory Operator (PDO)
      • Obligations on the Proxy Directory Operator
      • Obligations of PSPs using the Proxy Directory
      • Onboarding a Proxy Directory Operator onto Nexus
  • FX Provision
    • Key Points
    • Role of the FX Provider
    • How Third-Party FX provision works in Nexus
    • Joining Nexus as a third-party FXP
    • Accessing Instant Payment Systems
    • Onboarding PSPs
    • Obligations & Compliance
    • Revenue model for FXPs
    • Rates from Third-Party FX Providers
      • Improving rates for larger transactions
      • Improving rates for specific PSPs
    • Quotes
    • Managing Liquidity
  • Payment Processing
    • Key Points
    • Accounts & Relationships
    • Maximum value of a Nexus payment
    • Payment Flow (Happy Path)
      • Detailed Flow in Source Country (Sending)
      • Detailed Flow in Destination Country (Receiving)
      • Booking flow for Source PSPs
      • Notifying FXPs of completed payments
    • Validations, Duplicates & Fraud
    • Time critical vs non-time critical payments
    • Special Scenarios
    • Payment setup for PSPs who provide their own FX
    • Unsuccessful Payments (Exceptions)
      • Rejects
      • Recall Requests
      • Returns
      • Investigation & Enquiry
      • Disputes
      • Reconciliation reports
    • Fees
    • Role and responsibilities of the Instant Payment System Operator (IPSO)
    • Ensuring settlement certainty
    • Annex: 4-step vs 5-step Processes in Domestic Clearing and Settlement
    • Annex: Sponsoring PSPs and Sponsored Entities
  • Settlement Access Provision
    • Key Points
    • Role of the Settlement Access Provider (SAP)
    • Joining Nexus as an SAP
    • SAP onboarding of FXPs (or foreign PSPs)
    • Costs and Revenue for SAPs
    • Obligations on the SAP
    • Processing payments as an SAP
      • Payment Process for the Source SAP
      • Payment Process for the Destination SAP
      • How the Destination IPS initiates the payment via the Destination SAP
    • Managing Liquidity as an SAP
  • Messaging & Translation
    • Key Points
    • General Usage of ISO 20022
      • Adherence to CPMI Harmonised ISO 20022 Data Requirements
    • Compatibility with Instant Payments Plus (IP+)
    • Message transformation by Nexus
    • Specific Message Elements
    • Purpose Codes
    • Message Guidelines (Excel)
    • MESSAGE acmt.023 Identification Verification Request
    • MESSAGE acmt.024 Identification Verification Report
    • MESSAGE: pacs.008 FI to FI Customer Credit Transfer
      • pacs.008 Differences from CPMI Harmonisation Requirements
    • MESSAGE pacs.002 Payment Status Report
      • pacs.002 Differences from CPMI/CBPR+ Guidelines
    • MESSAGE: pacs.004 Payment Return (Not yet supported)
    • MESSAGE: camt.054 Bank to Customer Debit Credit Notification
    • Translation To/From Domestic Message Formats
    • Translating To/From ISO 20022 Codes
  • APIs
    • Overview
    • Countries
    • Currencies
    • Address Types and Inputs
    • Financial Institutions
    • Fees and Amounts
    • Intermediary Agents (SAPs)
    • Quotes
    • ISO 20022 Messages
  • About
    • Contact the Nexus Team
  • LEGAL
    • Terms and Conditions of Use
    • Privacy Notice
    • Cookies Notice
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  • Disclaimers
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  1. LEGAL

Terms and Conditions of Use

PreviousContact the Nexus TeamNextPrivacy Notice

Last updated 7 months ago

© Bank for International Settlements ("BIS")

Use of this website (docs.bis.org/nexus) constitutes agreement by users of this website ("Users") with the following terms and conditions.

Use of this website (docs.bis.org/nexus) constitutes agreement by users of this website ("Users") with the following terms and conditions.

Copyright and permissions

  1. All copyright and other intellectual property rights in the publications available on this website, including processes, message flows and API specifications contained in the publications ("Nexus Material") are owned by the BIS. Except as outlined below, all rights are reserved.

  2. Users may use Nexus Material on the following conditions without obtaining written permission from the BIS (for any other use, BIS permission must be requested by email to )

    1. Subject to clause 2(2) below, Users may use Nexus Material to develop payments software, products or services. Nexus Material may not be sold.

    2. Users may use or reproduce a limited extract of Nexus Material in other publications or products free of charge, provided the BIS is cited as the source and, with respect to translations, a statement is included that the translation is not an official BIS translation. By way of guidance, a "limited extract" means any extract of not more than 400 words of text or two tables or graphs and the underlying data made available by the BIS, and in any case not exceeding 10% of the relevant publication.

  3. Users who maintain an external website may include electronic links to this website (docs.bis.org/nexus), as long as this:

    1. does not infringe the intellectual property rights of the BIS, in particular with respect to its names, acronyms and logos; and

    2. is not misleading, for instance by implying endorsement by or affiliation with the BIS.

  1. All copyright and other intellectual property rights in the publications available on this website, including processes, message flows and API specifications contained in the publications ("Nexus Material") are owned by the BIS. Except as outlined below, all rights are reserved.

  2. Users may use Nexus Material on the following conditions without obtaining written permission from the BIS (for any other use, BIS permission must be requested by email to )

    1. Subject to clause 2(2) below, Users may use Nexus Material to develop payments software, products or services. Nexus Material may not be sold.

    2. Users may use or reproduce a limited extract of Nexus Material in other publications or products free of charge, provided the BIS is cited as the source and, with respect to translations, a statement is included that the translation is not an official BIS translation. By way of guidance, a "limited extract" means any extract of not more than 400 words of text or two tables or graphs and the underlying data made available by the BIS, and in any case not exceeding 10% of the relevant publication.

  3. Users who maintain an external website may include electronic links to this website (docs.bis.org/nexus), as long as this:

    1. does not infringe the intellectual property rights of the BIS, in particular with respect to its names, acronyms and logos; and

    2. is not misleading, for instance by implying endorsement by or affiliation with the BIS.

Disclaimers

  1. The BIS is an international organisation which fosters cooperation among central banks and other agencies in pursuit of financial and monetary stability. It has no supervisory or regulatory functions or responsibilities. Its banking services are provided exclusively to central banks, monetary authorities and international financial institutions. The BIS does not accept deposits from, or provide banking services or advice to, private individuals or companies. The BIS has set up an Innovation Hub (the “BISIH”) to foster innovation and greater collaboration amongst the central banking community globally, enhance the understanding of financial technology and contribute to the development of innovative solutions to benefit and enhance the financial system.

  2. The Nexus Material is provided “as is”. The BIS does not warrant or guarantee the accuracy, completeness or fitness for purpose of any information or material on this website. Under no circumstances shall the BIS be liable for any loss, damage, liability or expense suffered in connection with reliance by any person on any such information or material.

  3. Nothing on this website shall be construed as containing any investment recommendation or advice.

  4. Except where expressly stated to the contrary, the views stated in any material on this website are those of the authors thereof and are not necessarily those of the BIS or its member central banks.

  5. The designations used and the presentation of material on this website do not imply the expression of any opinion whatsoever on the part of the BIS concerning the legal status of any country, area or territory or of its authorities, or concerning the delimitation of its frontiers or boundaries.

  6. This website may contain electronic links to other websites. This does not imply any endorsement or responsibility on the part of the BIS with respect to the opinions, ideas, data or products presented on other websites.

  7. Under no circumstances shall the BIS be liable for any loss, damage, liability or expense suffered in connection with the use of this website, including (but not limited to) any fault, error, omission, interruption or delay.

General

  1. The BIS may at any time without notice:

    1. add to, update or modify material on this website; or

    2. limit access to or discontinue the whole or any part of this website.

  2. Nothing in these terms and conditions shall constitute a waiver of any of the privileges or immunities of the BIS in any jurisdiction.

  3. These terms and conditions are governed by the laws of Switzerland.

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