EGP correspondent banking: who clears the EGP

Tracing a EGP chain

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

Who clears EGP payments?

EGP settles through the local clearing system. Banks without direct access hold a nostro account with a correspondent that has it, so a EGP payment reaches the beneficiary by settling at that correspondent first and moving inwards. In the current dataset 56 distinct institutions act as EGP correspondents.

How concentrated is EGP clearing?

The three largest EGP correspondents between them serve about 30% of the banks that publish a EGP 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 EGP correspondent?

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