GNF correspondent banking: who clears the GNF

Tracing a GNF chain

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

Who clears GNF payments?

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

How concentrated is GNF clearing?

The three largest GNF correspondents between them serve about 55% of the banks that publish a GNF 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 GNF correspondent?

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