SZL correspondent banking: who clears the SZL

Tracing a SZL chain

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

Who clears SZL payments?

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

How concentrated is SZL clearing?

The three largest SZL correspondents between them serve about 71% of the banks that publish a SZL 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 SZL correspondent?

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