UYI correspondent banking: who clears the UYI

Tracing a UYI chain

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

Who clears UYI payments?

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

How concentrated is UYI clearing?

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

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