Correspondent banks involved in most cross-border funds transfers via SWIFT. Banks (respondents) open accounts in large financial institutions to settle the payments between each other. Those accounts called Nostro.
Standard Settlement Instructions (SSI) - default instructions of a bank or other financial institution for the payments and delivery of securities. In cross-border payments usually, it is a list of nostro accounts in correspondent banks.
While normally Standard Settlement Instructions are stored in a SWIFTRef database, and most of the banks involved in cross-border payments can access this information, sometimes it is useful to check them yourself in advance. Examples of such situations:
You would like to understand if the bank can receive a payment in a specific currency.
To check if the beneficiary's bank has a common correspondent bank with the sender's bank to speed up the payment.
To check if there are options available for correspondent banks and manually place a 'good' one.
The largest correspondent banks for USD currency are:
JPMorgan Chase Bank National Association
Citibank NA
The Bank of New York Mellon
Standard Chartered Bank
Wells Fargo Bank National Association
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