JOD correspondent banking: who clears the JOD

Tracing a JOD chain

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

Who clears JOD payments?

JOD settles through the local clearing system. Banks without direct access hold a nostro account with a correspondent that has it, so a JOD payment reaches the beneficiary by settling at that correspondent first and moving inwards. In the current dataset 73 distinct institutions act as JOD correspondents.

How concentrated is JOD clearing?

The three largest JOD correspondents between them serve about 48% of the banks that publish a JOD 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 JOD correspondent?

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