Various macroalgaes, under the right lighting and water conditions, WILL reduce nitrates:
Light + C02 --photosynthesis--> glucose
glucose + fertilizer, ie, NO3 (nitrates)----->protein
protein--->building block to increase mass by growth
increased growth---->depletion of nitrates
Chaeto is an excellent 'nutrient exporter' if given good water flow and good lighting.
Although Caulerpa will do the same thing, I personally DO NOT recommend it to the average aquarist because when it goes sexual, it can nuke your tank. Going sexual, in basic terms, happens if the macro is stressed or, 'it senses' it's demise. It will burst releasing spores and all absorbed nutrients into your tank. Signs that Caulerpa is going sexual include a whitish discoloration on the outside. Any macro can potentially do this, but, occurs most commonly with Caulerpa. I would never put Caulerpa in my tank. JMO. SH