MYR correspondent banking: who clears the MYR

Tracing a MYR chain

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

Who clears MYR payments?

MYR settles through the local clearing system. Banks without direct access hold a nostro account with a correspondent that has it, so a MYR payment reaches the beneficiary by settling at that correspondent first and moving inwards. In the current dataset 86 distinct institutions act as MYR correspondents.

How concentrated is MYR clearing?

The three largest MYR correspondents between them serve about 29% of the banks that publish a MYR 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 MYR correspondent?

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