Correspondent bank


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Correspondent bank

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.

Correspondent Bank

A bank that has limited access to certain financial markets and therefore must use the services of another bank to conduct certain transactions. Correspondent banks are usually small. Agreements with other banks allow it to provide necessary services for account holders without incurring the expense of setting up a branch in another city or country.
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Samar Baasiri, head of compliance unit at BankMed said correspondent banks relied on the local banks' due diligence.
We find that correspondent banks are thrilled with our capability because it levels the playing field, and keeps our clients' customers 'shopping at home' instead of using global competitors who already have made strides into building local corporate market share," said Maya Vovchuk, vice president and senior sales officer of Alliance Services International and who reports to Serpe.
Clearingworks will help The Bankers Bank provide the highest quality of correspondent services to community banks, as well as allow The Bankers Bank to help other correspondent banks serve their own customers," said Mario Villarreal, president and COO of US Dataworks.
This enhancement to Quad City Bank and Trust Company's service offering will provide its Correspondent Banks an alternative access point from systems such as FedLine Advantage, etc.
FImetrix Research recently ranked Wachovia the number one correspondent bank provider in Asia and Latin America in market share, and the number one bank worldwide in overall customer satisfaction.
com, a leading application service provider (ASP) for correspondent banks and community financial institutions, announced that they have joined together to provide community financial institutions seeking to enter or expand their presence in the remote deposit capture market with technology which will facilitate the process.
Our online, user friendly and very robust cash management communications application, Correspondent Bank Connection (CBC) is the cornerstone application that provides us with the ability to conduct business very effectively and efficiently with a continually increasing number of community banks.
Independent Bankers Bank (IBB), a full-service $400 million correspondent bank providing services to more than 250 banks in Florida, Georgia and Alabama since 1983, announced its selection of Open Solutions Inc.
Now that we have evidence that large banks are reducing services to correspondent banks and remittance providers, the private and public sectors need to come together to find practical and fact-based solutions.
Top 25 correspondent banks reports reveal that their total revenue from their correspondent banking activities are $10Bn annually.
The KYC Registry enables member banks to proactively share information with correspondent banks, increasing efficiency, reducing cost and allowing our region to demonstrate transparency and KYC compliance more effectively.
The SWIFT lines were taken down by the statutory manager only when there was an attempt by the special administrator to have FBME deposits held by correspondent banks abroad moved to the Central Bank of Cyprus.