FJD correspondent banking: who clears the FJD

Tracing a FJD chain

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

Who clears FJD payments?

FJD settles through the local clearing system. Banks without direct access hold a nostro account with a correspondent that has it, so a FJD payment reaches the beneficiary by settling at that correspondent first and moving inwards. In the current dataset 22 distinct institutions act as FJD correspondents.

How concentrated is FJD clearing?

The three largest FJD correspondents between them serve about 57% of the banks that publish a FJD 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 FJD correspondent?

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