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 ?
The relative advantage's formula, correspondently modified for E economic entity will be:
In cases where there is a restraint on marketability, the availability of bank financing may be limited, and the value of the interests is correspondently reduced.
This is expected, since commercial lumber has a higher SG and MC among-sample variation than the defect-free sapwood stakes and, correspondently, greater retention variability.
The byzantine complexity of the tax code provides countless opportunities to devise correspondently complex financial transactions with substantial artificial losses that can be claimed as deductions to shelter income.