TTD correspondent banking: who clears the TTD

Tracing a TTD chain

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

Who clears TTD payments?

TTD settles through the local clearing system. Banks without direct access hold a nostro account with a correspondent that has it, so a TTD payment reaches the beneficiary by settling at that correspondent first and moving inwards. In the current dataset 21 distinct institutions act as TTD correspondents.

How concentrated is TTD clearing?

The three largest TTD correspondents between them serve about 52% of the banks that publish a TTD 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 TTD correspondent?

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