CHF correspondent banking: who clears the Swiss franc

Tracing a CHF chain

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

Who clears CHF payments?

CHF settles through SIC. Banks without direct access hold a nostro account with a correspondent that has it, so a CHF payment reaches the beneficiary by settling at that correspondent first and moving inwards. In the current dataset 632 distinct institutions act as CHF correspondents.

How concentrated is CHF clearing?

The three largest CHF correspondents between them serve about 33% of the banks that publish a CHF 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 CHF correspondent?

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