Difference between revisions of "Correspondent Bank"
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A correspondent bank can conduct business transactions, accept deposits and gather the proceeds of trade transactions 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 broad<ref>Standard Definitions for Techniques of Supply Chain Finance, Global Supply Chain Finance Forum</ref> | A correspondent bank can conduct business transactions, accept deposits and gather the proceeds of trade transactions 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 broad<ref>Standard Definitions for Techniques of Supply Chain Finance, Global Supply Chain Finance Forum</ref> | ||
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| + | == Service Domain == | ||
| + | It fulfills correspondent banking arrangements between the bank and correspondent banking partners. | ||
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== References == | == References == | ||
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[[Category:Supply Chain Finance]] | [[Category:Supply Chain Finance]] | ||
| + | [[Category:BIAN Service Domain]] | ||
Latest revision as of 15:54, 11 June 2021
Definition
Correspondent Bank is a financial institution that provides services on behalf of another financial institution.
A correspondent bank can conduct business transactions, accept deposits and gather the proceeds of trade transactions 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 broad[1]
Service Domain
It fulfills correspondent banking arrangements between the bank and correspondent banking partners.
References
- ↑ Standard Definitions for Techniques of Supply Chain Finance, Global Supply Chain Finance Forum
