DZD correspondent banking: who clears the DZD

Tracing a DZD chain

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

Who clears DZD payments?

DZD settles through the local clearing system. Banks without direct access hold a nostro account with a correspondent that has it, so a DZD payment reaches the beneficiary by settling at that correspondent first and moving inwards. In the current dataset 28 distinct institutions act as DZD correspondents.

How concentrated is DZD clearing?

The three largest DZD correspondents between them serve about 41% of the banks that publish a DZD 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 DZD correspondent?

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