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 ?
It was Stonewall 25 that goosed In the Life to get out of the studio and into the streets, where the show found its true calling: on-the-scene reporting on the issues that matter to lesbian and gay audiences and that ought to matter to everyone else.
Geoengineering has gained scientific traction in the past few years, and Kintisch's on-the-scene reporting illuminates tense discussions happening as a result, many behind closed doors.
The Project for Excellence in Journalism survey indicated that most news organizations rely on local staff to conduct on-the-scene reporting and that most cannot carry equipment that might indicate they are working for the news media.