VND correspondent banking: who clears the VND

Tracing a VND chain

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

Who clears VND payments?

VND settles through the local clearing system. Banks without direct access hold a nostro account with a correspondent that has it, so a VND payment reaches the beneficiary by settling at that correspondent first and moving inwards. In the current dataset 22 distinct institutions act as VND correspondents.

How concentrated is VND clearing?

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

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