SLE correspondent banking: who clears the SLE

Tracing a SLE chain

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

Who clears SLE payments?

SLE settles through the local clearing system. Banks without direct access hold a nostro account with a correspondent that has it, so a SLE payment reaches the beneficiary by settling at that correspondent first and moving inwards. In the current dataset 4 distinct institutions act as SLE correspondents.

How concentrated is SLE clearing?

The three largest SLE correspondents between them serve about 80% of the banks that publish a SLE 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 SLE correspondent?

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