CRC correspondent banking: who clears the CRC

Tracing a CRC chain

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

Who clears CRC payments?

CRC settles through the local clearing system. Banks without direct access hold a nostro account with a correspondent that has it, so a CRC payment reaches the beneficiary by settling at that correspondent first and moving inwards. In the current dataset 9 distinct institutions act as CRC correspondents.

How concentrated is CRC clearing?

The three largest CRC correspondents between them serve about 45% of the banks that publish a CRC 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 CRC correspondent?

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