Eligibility to be a Settlement Account Provider (SAP)
An SAP in Nexus can be any licensed financial institution that is:
A participant of a domestic IPS that is a Nexus Scheme participant (and is therefore a PSP in Nexus terms)
Licensed by a national central bank or equivalent regulator, and regulated or supervised for safety, soundness and conduct.
Able to send and receive instant payments through the domestic IPS.
A SAP must have direct membership of the IPS; indirect, sponsored or technical access is not currently permitted.
Detailed eligibility criteria will be defined in the Nexus rulebook.
Joining the Nexus Scheme
An SAP 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 that apply to SAPs, as defined in the Nexus Scheme rulebook.
Onboarding with Nexus and setting up reference data
An SAP should first be registered with Nexus as a PSP. The SAP should then inform Nexus that it is willing to act as a SAP to a specific FX Provider(s).
The FX Provider (and not the SAP) has responsibility for informing Nexus of the SAP and specific accounts that it wishes to use for each IPS. (SeeFXP Onboarding with Nexus.)