STN correspondent banking: who clears the STN

Tracing a STN chain

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

Who clears STN payments?

STN settles through the local clearing system. Banks without direct access hold a nostro account with a correspondent that has it, so a STN payment reaches the beneficiary by settling at that correspondent first and moving inwards. In the current dataset 1 distinct institutions act as STN correspondents.

How concentrated is STN clearing?

The three largest STN correspondents between them serve about 100% of the banks that publish a STN 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 STN correspondent?

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