Correspondent Bank

A correspondent bank provides services for another bank, usually in a different country, to facilitate international transactions.

Examples of services include wire transfers, trade finance, and foreign exchange.

Key banks offering correspondent services include JPMorgan Chase, HSBC, and Citibank.

Banks use correspondent banks to access foreign financial markets and support their customers in international transactions.

Transactions typically handled through correspondent banks are cross-border payments, currency exchanges, and documentary collections.