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


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.


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.
In Editor's Desk, agenda of Turkey and the world is assessed by editors of services, 18 local editor-in-chiefs in Turkey and AA's foreign bureaus such as in Washington, Beijing, Paris, Berlin, London and Cairo.
When other companies slashed newsroom staffs and shuttered domestic and foreign bureaus, the Times did not.
The economic crisis facing newspapers forced many papers to close their foreign bureaus and rely on freelancers for coverage from the world's hot spots.
Newsrooms have shrunk dramatically and foreign bureaus have been decimated.
Newsday has closed all of its foreign bureaus, and most major media outlets have abandoned foreign posts.
The Times' world-renowned journalism and 127-year history of excellence promises MCT customers access to first-hand reporting from 13 foreign bureaus, Hollywood, inside Washington D.
CCTV has also said it plans to open more foreign bureaus.
Newspapers are crying the blues and reducing their staffs getting rid of expensive veteran writers, editors, and foreign bureaus.
The Globe has been moving to cut costs and said last week that it would close its three remaining foreign bureaus.

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