MKD correspondent banking: who clears the MKD

Tracing a MKD chain

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

Who clears MKD payments?

MKD settles through the local clearing system. Banks without direct access hold a nostro account with a correspondent that has it, so a MKD payment reaches the beneficiary by settling at that correspondent first and moving inwards. In the current dataset 11 distinct institutions act as MKD correspondents.

How concentrated is MKD clearing?

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

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