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 ?
After a few quick calls to foreign news bureaus, she heads off to catch the train.
Although we are located in the South Korean capital--there are predictably no foreign news bureaus in Pyongyang--we consider it our mission to cover both Koreas.
A newer financial news service, Bloomberg Business News, has opened 25 foreign news bureaus since it was founded three years ago.

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