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 ?
During her seven years she has been seen on numerous and varied projects - one minute reporting from the scene of an erupting volcano in Monserrat, next at the scene of an earthquake in India.
And although bleeding from a shrapnel wound, she continued reporting from the scene.
Al Jazeera's Imran Khan, reporting from the scene, said four armed men were killed on the scene, but four others had managed to escape.