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 ?
With regard to responsibility for loan correspondents, HUD would require FHA-approved lenders to ensure that "loan correspondents meet [HUD's] standards assuring their integrity and financial soundness.
Steve Carell was the first "Daily Show" correspondent to break out, starring in the hit films "Anchorman," "The 40-Year-Old Virgin" and "Little Miss Sunshine," not to mention NBC's Emmy-winning sitcom "The Office.
Critics object that parachute journalism is simply a way to avoid the costs of posting correspondents abroad permanently.
Former environment correspondent Margaret Gilmore will report on health for the evening bulletins while Fergus Walsh moves from health to become top science correspondent.
25 suburban correspondents for each full-time suburban staffer.
NGIS will enable HSBC's correspondent network to order HELOC documents nationwide at any time.
When correspondent lenders select a secondary market investor, by far the most important factor is price.
The transition from radio to television affected several correspondents in the same way that talking movie screens caused the decline of some silent-film stars.
This reduced number of voices is a serious consequence for an American reading public which is seeing a declining amount of foreign news and analysis by independent resident correspondents.
The letters were assembled by Giovanni del Lago, a Venetian music theorist and one of the principal correspondents, evidently with an eye to publish them during the printed epistolary vogue started by Pietro Aretino.
Several Helpful Appendices Appendices of Journalists arranged by War or Conflict, to make easy work of locating correspondents by the conflict they covered: Appendix on Pulitzer Prizes for War Reporting, Pulitzer Prizes Awarded for War Reporting, War Artists & War Photographers/Cameramen, and U.
Greystone initiated an extensive effort to work with key financial institution correspondents nationwide to originate small balance loans and has demonstrated the ability to work effectively with it's Bank partners.