A foreign bank that performs services for another bank that has no branch in the foreign location. Wiring funds through correspondent banks usually result in higher charges as the correspondent bank's fees would be deducted from the amount sent.
A bank that accepts deposits and performs banking services for other banks. Correspondent banking arrangements exist between local banks and banks located throughout the world.
A bank that, in its own country, handles the banking for banks from another country.
one that works as an agent for another bank, especially abroad.
A foreign bank's representative who regularly performs services for a bank which has no branch in the relevant center, e.g. to facilitate the transfer of funds.
A bank that provides settlement with the Federal Reserve and/or processing services for another financial institution.
A bank that holds deposits for other banks and performs services, such as check clearing. The deposit balance is a form of payment for services.
a bank that--by arrangement--holds the deposits of another bank and provides payments and other services for that bank
A financial institution that provides payment for services (e.g. processing or settlement to other depository institutions) for its respondents through its own account at Federal Reserve Bank.
A bank that performs specific functions for another bank (respondent bank). Functions may include loan participation, check clearing, data processing, cash management and consulting services.
Bank that accepts deposits of, and performs services for, another bank (called a respondent bank); in most cases, the two banks are in different cities.
A bank in another country used to process instructions on behalf of a bank that does not have a local presence. Transactions and instructions that require settlement within that country will be passed to the correspondent for action. This agreement can also work in reverse, i.e., a bank in India may act as a correspondent for an overseas financial institution. In the context of Guarantees it is a term used to describe the foreign Issuing Bank who issues the Guarantee to the Beneficiary at the request and on the instructions of the Applicant's 'Instructing' Bank.
A bank that holds deposits of another bank, usually a smaller bank, and provides various banking services that may not be available to the smaller bank.
A bank that, in its own country, handles the business of a foreign bank.
The foreign banks representative who regularly performs services for a bank which has no branch in the relevant centre, e.g. to facilitate the transfer of funds. In the US this often occurs domestically due to inter state banking restrictions.
a bank that serves as a depository for another bank
Overseas bank with whom a bank account has relationships (nostro-vostro accounts) and arrangements for authentication of communications.
A financial institution that regularly performs services for other banks.
A bank in another financial centre with whom a bank may hold an account or co- operate on other forms of business. Thus a German bank may hold an account with a correspondent bank in New York to enable it to pay and receive US Dollars.
A bank that maintains an account relationship with another bank or exchanges services with another bank. Correspondents frequently clear checks for each other or participate in large loans, thus sharing the risk.
A bank that accepts deposits of and performs banking services for other depository institutions.
A bank that maintains an account relationship and/or engages in an exchange of services with another bank.
In a country where a bank does not have offices, it will often make arrangements with another bank to act as its agent in that country. The correspondent bank carries out financial transactions, such as making payments on behalf of the first bank in the foreign country.
An Australian bank that handles the banking for overseas banks.