How Does Correspondent Banking Work. What do you understand by MICR? Now, if the respondent bank needs to transfer a sum of money to a foreign bank with which it does have an agreement, it would use the services of a correspondent bank.
Account holders involved in correspondent banking can belong to the following counterparty categories.
How do they help in [Economy] Banking Business Correspondents Agents (BCA): Meaning, functions, Financial Inclusion, Swabhimaan, Common Service Centres (CSC).
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How does money transfer between banks and different countries work? - Quora
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PPT - HIGH-RISK: FOREIGN CORRESPONDENT BANKING PowerPoint Presentation - ID:204411
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Correspondent bank is the middle man, if the sender and receiver can't or won't talk to each other directly through the SWIFT network. How then do French banks send and receive funds in other currencies? Doing so also gives them access to the foreign financial market.
