correspondent banking

What is correspondent banking?

correspondent banking definition and meaning on Finance terms:
An arrangement whereby one bank (the settlement or service-providing bank) makes or receives payments (potentially performing other banking services in addition) on behalf of another bank (the customer or user bank). See also
loro account
nostro account
tiering arrangement<

 

reference: https://www.ecb.europa.eu/home/glossary/html/index.en.html

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