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 ?
Unlike those artifacts of days past, foreign bureaus were not replaced by new technology.
In contrast, when Knight-Ridder formed, it began pouring money into the Mercury News-- doubling the number of reporters, adding foreign bureaus and 20 sections.
Shanor says the Post-Dispatch is a paper that, without its own foreign bureaus, nevertheless presents a well-thought-out report for its 290,000 daily and 472,000 Sunday readers.
All these newspapers used to have foreign bureaus," he said.
Times had more than 1,000 staffers, a paid circulation north of 1 million and 20-plus foreign bureaus.
The tone of the discussion wasn't a happy one: lots of talk about the closing of foreign bureaus, the decline of quality journalism, and how their local daily newspaper was a lot thinner than it used to be.
With over 1,300 journalists spread across 54 domestic offices and 36 foreign bureaus - including its latest base in Yangon - Nikkei correspondents and editors cover all major industrial and business sectors - from all corners of the world.
Leveraging proven and trusted solutions from the Avid Media Suite and Storage Suite, the organization will streamline CBC/Radio-Canada s workflows and automate processes for the organization s mobile applications, websites, 132 radio stations, 27 television stations, and foreign bureaus, in both English and French.
She is called back to the home office of her newspaper in Baltimore, where she finds that all the foreign bureaus were being shut due to the faltering US economy and the ensuing layoffs, and is faced with an assignment in the suburbs, told that she is lucky she still has a job.
The grant, meanwhile, will allow us to expand our international coverage at a time most other newspapers are closing or cutting back foreign bureaus for lack of funds.
The scaling back in Baghdad also illustrates a broader scaling back among TV news organisations when it comes to foreign bureaus.
Cairo is one of 107 foreign bureaus filing for Xinhua 's 20 newspapers, websites and 12 magazines in eight languages, including Arabic.

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