RSD correspondent banking: who clears the RSD

Tracing a RSD chain

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

Who clears RSD payments?

RSD settles through the local clearing system. Banks without direct access hold a nostro account with a correspondent that has it, so a RSD payment reaches the beneficiary by settling at that correspondent first and moving inwards. In the current dataset 71 distinct institutions act as RSD correspondents.

How concentrated is RSD clearing?

The three largest RSD correspondents between them serve about 39% of the banks that publish a RSD 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 RSD correspondent?

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