DOP correspondent banking: who clears the DOP

Tracing a DOP chain

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

Who clears DOP payments?

DOP settles through the local clearing system. Banks without direct access hold a nostro account with a correspondent that has it, so a DOP payment reaches the beneficiary by settling at that correspondent first and moving inwards. In the current dataset 11 distinct institutions act as DOP correspondents.

How concentrated is DOP clearing?

The three largest DOP correspondents between them serve about 50% of the banks that publish a DOP 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 DOP correspondent?

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