1、 https:/crsreports.congress.gov Updated April 8, 2022Overview of Correspondent Banking and “De-Risking” IssuesWhat Is Correspondent Banking? In broad terms, correspondent banking refers to formal agreements or relationships between banks to provide payment services for each other. It is often used t
2、o effectuate cross-border payments, and as such, plays an important role in the international financial system. The value of global cross-border payments is estimated to increase from almost $150 trillion in 2017 to over $250 trillion by 2027, according to the Bank of England. Correspondent banking
3、represents a significant portion of this (e.g., the European Central Bank reported roughly $746 billion worth of daily transactions channeled through correspondent banking arrangements within Eurozone countries alone in 2019), as it underpins trade finance, migrant remittances, and humanitarian flow
4、s. A typical correspondent banking arrangement is one in which two financial institutions (respondent banks) employ a third party, a separate financial institution known as a correspondent or service-providing bank. The various types of services correspondent banking provide include wire transfers;
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