Definitions for "Correspondent Bank"
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.
Keywords:  settlement, bill
settlement of a bill