XPT correspondent banking: who clears the XPT

Tracing a XPT chain

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

Who clears XPT payments?

XPT settles through the local clearing system. Banks without direct access hold a nostro account with a correspondent that has it, so a XPT payment reaches the beneficiary by settling at that correspondent first and moving inwards. In the current dataset 34 distinct institutions act as XPT correspondents.

How concentrated is XPT clearing?

The three largest XPT correspondents between them serve about 55% of the banks that publish a XPT 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 XPT correspondent?

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