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
correspondent account is an account
(often called a nostro or vostro
account) established by a domestic
banking institution to receive deposits
from, make payments on behalf of, or
handle other financial transactions for
a foreign financial institution. This
allows foreign banks to conduct business
and provide services to their clients
without the expense of a physical
presence.
"Correspondent
banking is also known as a
relationship entered into between a
small bank and a big bank in which the
big bank provides a number of deposit,
lending, and other services."
List of
correspondent Banks networks worldwide with SWIFT CODE
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