Customer

When we talk about a Customer in Nexus, we always refer to your own customers, the users of your platform you are developing by leveraging our platform. Therefore your customers.

Statuses

The image above illustrates the standard customer status change flows. While the Nexus Portal and API support these status changes, they do not include the underlying compliance processes (see note below). Partners must implement these processes based on their specific needs and regulatory requirements, as they fall outside the scope of Nexus API or Portal functionality. Customers are typically created with either NEW or ACTIVE status.

Note

• CDD: Customer Due Diligence refers to the process by which financial institutions, banks, and other regulated entities assess and verify the identity of their clients and evaluate the potential risks of illegal activities, such as money laundering or fraud, associated with them.
• ECCD: Enhanced Customer Due Diligence (ECDD) is a more thorough and detailed process applied to customers who pose a higher risk of engaging in illicit activities, such as money laundering, terrorist financing, or corruption.
• SAR: A Suspicious Activity Report is a formal report submitted by financial institutions to regulatory authorities when there is a suspicion that a customer may be involved in illegal activities, such as money laundering, fraud, or other financial crimes.

In Nexus, a customer can have the following statuses:

NEW

A customer with a status of NEW is in the process of Customer Due Diligence. This customer already exists in Nexus but requires additional verification. The only actions available for a customer with a status of NEW is to progress to a different status.

ACTIVE

A customer with a status of ACTIVE can access transactions functionality within their Trust Level limits.

UNDERREVIEW

A customer with a status of UNDERREVIEW indicates that a compliance decision is required. Depending on the outcome of the decision, the customer status should be changed to ACTIVE or BLOCKED. An UNDERREVIEW status is considered a temporary status, pending the outcome of the compliance decision.

BLOCKED

When a Customer Due Diligence (review) results in an unacceptable risk, the customer shall be BLOCKED. A BLOCKED status is considered an end status showing the customer relation was unvoluntary terminated. A customer can be unblocked if you have the appropriate permission.

DELETED

A customer with a status of NEW or ACTIVE can be DELETED. This status is considered an end status showing the customer relation was ended voluntary. Once a customer is marked as Deleted, can no longer be updated.

Actions

The table below lists the available actions for a customer dependent on their current status and business model.

Broker

Action	NEW	ACTIVE	UNDERREVIEW	BLOCKED	DELETED
Create new account		✔️
Delete existing account	✔️	✔️	✔️	✔️
Edit customer	✔️	✔️	✔️
Activate account	✔️	✔️	✔️
Create Non-native account		✔️	✔️
Simulate-Initiate Buy transaction*	✔️	✔️
Simulate-Initiate Sell transaction*	✔️	✔️
Initiate Gift transaction**		✔️
Initiate Merchant transaction	✔️	✔️

*It is possible to simulate a buy/sell transaction for a customer marked as New. However, initiating a transaction requires the customer to be Active.

**For the broker model, you can initiate a gift to an active customer only via the portal.

Custodian

Action	NEW	ACTIVE	UNDERREVIEW	BLOCKED	DELETED
Create new account		✔️
Delete existing account		✔️	✔️	✔️
Edit customer	✔️	✔️	✔️
Create Non-native account		✔️	✔️
Simulate-Initiate Buy		✔️
Simulate-Initiate Sell		✔️
Simulate-Initiate Send Out		✔️
Simulate-Initiate Send Internal		✔️
Simulate-Initiate Gift		✔️
Simulate-Initiate Swap		✔️
Initiate Payment request		✔️
Create Send To Bucket		✔️
Create Clawback	✔️	✔️	✔️	✔️	✔️