MZN correspondent banking: who clears the MZN

Tracing a MZN chain

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

Who clears MZN payments?

MZN settles through the local clearing system. Banks without direct access hold a nostro account with a correspondent that has it, so a MZN payment reaches the beneficiary by settling at that correspondent first and moving inwards. In the current dataset 14 distinct institutions act as MZN correspondents.

How concentrated is MZN clearing?

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

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