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XPFXPF

XPF correspondent banking: who clears the XPF

Banks without direct access to XPF clearing settle through a correspondent that has it. XPF settles through its domestic clearing system.

XPF in the instruction data

Aggregate figures from the current SWIFT standing settlement instruction dataset.

30
banks publish a XPF instruction
10
correspondents serve XPF
63%
served by the top three
11
countries represented

Individual instructions, BICs and account numbers are available to subscribers.

Tracing a XPF chain

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

Who clears XPF payments?
XPF settles through the local clearing system. Banks without direct access hold a nostro account with a correspondent that has it, so a XPF payment reaches the beneficiary by settling at that correspondent first and moving inwards. In the current dataset 10 distinct institutions act as XPF correspondents.
How concentrated is XPF clearing?
The three largest XPF correspondents between them serve about 63% of the banks that publish a XPF 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 XPF correspondent?
Search the bank's BIC, select XPF, and the chain resolves hop by hop to the institution that clears the currency, including the nostro account number on each relationship.
Trace a XPF chainHow it works

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