ALL correspondent banking: who clears the ALL

Tracing a ALL chain

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

Who clears ALL payments?

ALL settles through the local clearing system. Banks without direct access hold a nostro account with a correspondent that has it, so a ALL payment reaches the beneficiary by settling at that correspondent first and moving inwards. In the current dataset 12 distinct institutions act as ALL correspondents.

How concentrated is ALL clearing?

The three largest ALL correspondents between them serve about 61% of the banks that publish a ALL 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 ALL correspondent?

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