AFN correspondent banking: who clears the AFN

Tracing a AFN chain

Each instruction names the institution holding that bank's AFN account. Following those links repeatedly ends at a bank that publishes no onward AFN instruction — the ultimate clearer, with direct access to clearing. That is where the money actually settles before moving inwards to the beneficiary.

Who clears AFN payments?

AFN settles through the local clearing system. Banks without direct access hold a nostro account with a correspondent that has it, so a AFN payment reaches the beneficiary by settling at that correspondent first and moving inwards. In the current dataset 8 distinct institutions act as AFN correspondents.

How concentrated is AFN clearing?

The three largest AFN correspondents between them serve about 75% of the banks that publish a AFN instruction. Concentration matters because the withdrawal of one correspondent can affect a large number of respondent banks at once.

How do I find a bank's AFN correspondent?

Search the bank's BIC, select AFN, and the chain resolves hop by hop to the institution that clears the currency, including the nostro account number on each relationship.