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 ?
Arab Agency correspondent Tariq Al-Ghanim has been charged with membership affairs while UAE Al-Bayan correspondent Ghazi Al-Gharir takes over as administrative member.
Loan correspondents are "sponsored" by lenders, who are responsible to HUD for supervising the actions of their loan correspondents; however, HUD holds a loan correspondent responsible for violations of HUD guidelines it commits, unless the sponsor knew or should have known of the loan correspondent's infractions.
Helms adds, " 'The Daily Show' provides a very kind of narrow range of performance, and Steve Carell was the first to demonstrate to the outside world that the correspondents can also be well-rounded comedic actors.
Joshua Hammer is an award-winning author and foreign correspondent.
Wachovia Corp and UnionBanCal Corporation announced that they have entered into an agreement under which Wachovia will acquire the international correspondent banking business of Union Bank of California, N.
While there are still correspondents based abroad," former foreign correspondent and media critic Marvin Kalb noted, "the genre known as 'foreign correspondent' is becoming extinct.
Panel members included Richard Berke, national political correspondent for The New York Times, David Gregory, White House correspondent for NBC News, and Judy Woodruff, senior correspondent and anchor of CNN'S Inside Polities.
In this first volume of the two canonical collections, Barbaro included 390 letters written between 1414 and 1451, addressed to or received from some 160 different correspondents.
Barred BBC staff include home affairs correspondents Jon Silverman and Jane Peel, arts reporter Rosie Millard and science correspondent Christine McGourty.
The correspondents - nonstaff reporters and photographers who have received lower pay and benefits than staffers - cover the suburbs.
CHARlotte, North Carolina, has expanded its home-equity line of credit offering to correspondents through Lakewood, Colorado-based Guardian Mortgage Documents' (GMD's) Web-based Next Generation Input System (NGIS[TM]).
Among the topics covered in the new survey are: why correspondents use private firm investors instead of selling prime conforming mortgages directly to Fannie Mae and Freddie Mac; the number of investors used by the typical correspondent; reasons correspondents try a new investor; and whether correspondent lenders prefer to get their warehouse lines from an investor or another third-party.