Step 12: Ask for Sender approval
Step 12: Ask Sender to review and confirm details
The PSP should now ask the Sender to review all details before confirming the payment.
The Nexus scheme has specific requirements on the minimum information that should be shown to the Sender, to ensure transparency around the costs and FX rates that will be applied to the payment. The PSP should display:
The Source Currency Amount – the amount that will be deducted from the Sender’s account
The Destination Currency Amount – the exact amount that will be credited to the Recipient’s amount
The exchange rate that will be applied – this is the effective exchange rate paid by the Sender, after any markup applied by the Source PSP, rather than the exchange rate paid by the Source PSP to the FXP. (See Step 5 - Marking up FX rates.)
The fees that the Sender will be charged by the Source PSP. As per the Nexus rulebook, these must be charged to the Sender as a separate line item rather than as a deduction from the amount transferred.
Payment reference
The PSP can also offer the Sender a field to add a message/reference to the payment, which will be visible to the recipient. This message can be stored in the /Document/FIToFICstmrCdtTrf/CdtTrfTxInf/RmtInf/Strd/CdtrRefInf/Ref element of the pacs.008. (The message field can alternatively be added at any other point in the flow.)
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