Correspondent


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Correspondent

A financial organization that performs services (acts as an intermediary) in a market for another organization that does not have access to that market.

correspondent

A financial organization such as a securities firm or a bank that regularly performs services for another firm that does not have the requisite facilities or the access to perform the services directly. For example, a member of a securities exchange may execute a trade for a nonmember firm.

Correspondent.

A correspondent is a financial institution, such as a bank or brokerage firm, that handles transactions on behalf of another financial institution that it can't complete on its own.

For example, if a US bank has a client who needs to make a payment to a supplier located overseas, the US bank would use its relationship with a correspondent bank in the supplier's home country to credit the supplier's bank account with money from its own client's account that had been transferred through an international payment system.

References in periodicals archive ?
In recent years, US-regulated banks have significantly reduced the level of dollar correspondent banking services they provide to other banks globally, due to stricter rules intended to prevent money laundering and the financing of terrorist activities.
Gateway Mortgage Group, a privately held mortgage company offering originations, servicing and correspondent lending, has said that it has named Pete Tamoney as a new regional sales manager.
Probably going as far back as the 1940s, the correspondent lending model of originating mortgages has been a business built upon the principles of mutual confidence and dependence.
correspondent bank to close the account of a local financial institution, Jebeyli said, warning that the decision of one correspondent bank could prompt a domino effect.
Correspondent banking relationships play an important role in the processing of payment transactions in euro.
Al-Khartoum Al-Jadid correspondent Abdulla Al-Taher and Al-Masri correspondent Karim Hamed have also been chosen as stand-by members.
While strongly condemning the behavior of some Spanish media correspondents accredited in the country, the Ministry noted that among the breaches committed in this regard is the attitude that continues to be adopted by the correspondent of ABC in Morocco, which is devoid of professionalism," the Ministry said in a statement on Friday.
When Rob Corddry was a correspondent on "The Daily Show With Jon Stewart," he recalls, "It was a lot easier and a lot more fun to be the guy who was stupid but knew he was stupid but didn't care.
The book is, on one level, an intensely personal coming-of-age story, tracing Goldberg's progress from secular Jewish student in New York to Israeli soldier to war correspondent.
Wachovia Corp and UnionBanCal Corporation announced that they have entered into an agreement under which Wachovia will acquire the international correspondent banking business of Union Bank of California, N.
The foreign correspondent, Bernard Cohen observed in his 1960's classic book "The Press and Foreign Policy," is "a cosmopolitan among cosmopolitans, a man in gray flannel who ranks very high in the hierarchy of reporters.
Decades ago, Herbert Matthews, the Times correspondent who used his post to promote Fidel Castro's rise to power, once boasted that the paper is "the most powerful journalistic instrument that has ever been forged in the free world.