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 ?
Dan has specialized in live, on-the-scene reporting from breaking news events around the nation and the world, including political conventions, presidential inaugurations, and the funerals of Princess Diana in London and Pope John Paul II at the Vatican.
Geoengineering has gained scientific traction in the past few years, and Kintisch's on-the-scene reporting illuminates tense discussions happening as a result, many behind closed doors.
SAN DIEGO, April 8 /PRNewswire/ -- Holbrook Bradley's on-the-scene reporting for the Baltimore Sun of the men of the 29th Division in action during World War II was a daily "must-read" for hundreds of thousands of their families, friends and lovers.