On Correspondent Banking Services?

Correspondent banking may include various services, such as international funds transfers, cash management services, check clearing, loans and letters of credit or foreign exchange services.

What are Correspondent Services?

A correspondent bank is an authorized financial institution that provides services on behalf of another financial institution. Correspondent bank services may include funds transfer, settlement, check clearing, and wire transfers.

What is the role of a correspondent bank?

A correspondent bank can conduct business transactions, accept deposits, and gather documents on behalf of the other financial institution. ... Correspondent banks are used by domestic banks in order to service transactions originating in foreign countries and act as a domestic bank's agent abroad.