Be prepared for the different banking examinations which are approaching. There are many Banking terms you might not yet know but are crucial and a must for every banking aspirant. In this continuous series we will add different Banking terms with some description to help you better understand what these are.
- A financial institution that provides services on behalf of another, equal or unequal, financial institution.
- A correspondent bank can conduct business transactions, accept deposits and gather documents on behalf of the other financial institution.
- Correspondent banks are more likely to be used to conduct business in foreign countries, and act as a domestic bank's agent abroad.
- A correspondent account is an account (often called a nostro or vostro account) established by a banking institution to receive deposits from, make payments on behalf of, or handle other financial transactions for another financial institution.
- Correspondent accounts are established through bilateral agreements between the two banks.
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