Correspondent Banking
Clearing and settlement relationships for financial institutions.
Overview
Correspondent relationships for banks and payment institutions needing sterling and euro clearing, with the compliance framework such a relationship demands. Slow to open by design; stable once open.
Eligibility at a glance
- Licensed and supervised financial institution in an approved jurisdiction
- Wolfsberg questionnaire and full AML/CFT programme review
- On-site or remote due-diligence review before opening
- Annual review as a condition of the ongoing relationship
What you get
The detail that matters.
GBP and EUR clearing
Access to domestic and SEPA clearing.
Nostro and vostro accounts
Operated with same-day reporting.
Trade instrument confirmation
Confirming and advising letters of credit issued by respondent banks.
Compliance framework
Wolfsberg-aligned due diligence, reviewed annually.
Questions
Answers before you ask.
How long does onboarding take?
Three to six months. Correspondent due diligence is deliberately slow, and we would rather say that up front than surprise you.
Which jurisdictions are excluded?
Sanctioned jurisdictions and those on the FATF call-for-action list, without exception.
Also relevant
Trade Finance
Letters of credit, guarantees and invoice discounting for importers and exporters.
Learn moreReady to talk about correspondent banking?
Apply online in about ten minutes, or speak to a specialist first.
