CPMI launches plan to halt correspondent banking decline
Decline in correspondent banking threatens cross-border payments
The Committee on Payments and Market Infrastructures (CPMI) unveiled plans to help reverse the decline in correspondent banking in a consultation published today (October 6).
Correspondent banks hold deposits owned by another – ‘respondent' – bank and provide payments and other services to the respondent bank. This allows banks to access services they would otherwise be excluded from, particularly cross-border payments, which in turn has a role in boosting financial inclusion and promoting
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