Correspondent


Also found in: Dictionary, Thesaurus, Legal, Encyclopedia, Wikipedia.

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 ?
Seeing their name in print and on photo credits is just one benefit of being a Cadet Correspondent. These cadets also develop a skill set in the Adobe Creative suite, familiarity with high end camera and production equipment, experience liaising with senior staff, experience delivering tactical products on schedule, and they create portfolio that they can take with them into any chosen career.
Standard Chartered Bank (LSE: STAN) has hosted financial institution and correspondent banking clients from across Africa at the bank's Regional Correspondent Banking Academy.
Recently, a police officer reportedly discovered over 50 cartoons of expired chicken at the National Frozen Food Center Branch #4 in Gbarnga.Our county correspondent says the unnamed officer is said to have subsequently informed the Ministry of Commerce about the alleged discovery so that it could take further action.
Recent investigations by our correspondent who went round the State Medical store in Gombe revealed that items like hospital beds, oxygen cylinders, drip stands among many others were among the equipment left to rot away in the sun while some are wasting away in buildings within the premises of the Medical store.
SANA's correspondent to the corridor said that the buses were pulled out of the city of Douma to remain at bay as disagreements intensified, adding that this internal wrangling is the only reason behind the delay in the evacuation process to Jarablous.
Mohamed Al Arab, correspondent at Al Arabiya News Channel.
(BAI, BCA b3, LT local currency bank deposits B1, Negative), of the recent reduction in correspondent banking services.
Hasan Minhaj, senior correspondent for the Daily Show, was scheduled to host the event.
The Collier's correspondent climbed into a Northrop P61 Black Widow night fighter to see what it was like to run an air patrol over Germany.
Freedom Mortgage Corporation, a privately held, full-service mortgage lender licensed in all 50 states, is seeing a significant boost in its expanded correspondent program.
Summary: Wissam Fattouh, secretary-general of the Union of Arab Banks, said Arab banks feel that the derisking applied by the international correspondent banks against them has turned into financial discrimination.
The Union of Arab Banks (UAB) will hold a de-Risking Forum entitled "Enhancing the Supervisory and Regulatory Frameworks Related to Correspondent Banking--de-Risking" from 19 to 21 August at the Grand Rotana Hotel in Sharm El-Sheikh.