Compatibility with Instant Payments Plus (IP+)

Where ISO 20022 Instant Payment Plus (IP+) usage guidelines are followed as the standard for domestic payments, it is relatively straightforward to build in compatibility with the Nexus usage guidelines. This can be done in advance of joining Nexus as a way of future-proofing.

Firstly, the following pacs.008 elements, which are required in Nexus payments, should be made “optional” in the domestic standard so that there are no “do not use” restrictions or validations preventing the use of these elements in future:

• Interbank Settlement Date

• Acceptance Date Time

• Instructed Amount

• Agreed Rate

• Charges Information

• The use of Previous Instructing and Instructed Agents

• The use of Intermediary Agents (used to identify the Source and Destination Settlement Account Providers)

• The use of Intermediary Agent Accounts to identify the FX Provider's accounts at the SAPs

In addition to the above, we recommend the use of structured address information and purpose codes in line with CPMI, but this is not mandatory.