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Banking Term: Correspondent Bank

Jun 30, 2015 14:41 IST
    • A financial institution that provides services on behalf of another, equal or unequal, financial institution.
    • A correspondent bank can conduct business transactions, accept deposits and gather documents on behalf of the other financial institution. 
    • Correspondent banks are more likely to be used to conduct business in foreign countries, and act as a domestic bank's agent abroad.
    • A correspondent account is an account (often called a nostro or vostro account) established by a banking institution to receive deposits from, make payments on behalf of, or handle other financial transactions for another financial institution.
    • Correspondent accounts are established through bilateral agreements between the two banks.

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