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Bank that
accepts deposits of, and performs
services for, another bank (called a
respondent bank); in most cases, the two
banks are in different cities.
A correspondent account is an account (often called a nostro or vostro account) established by a domestic banking institution to receive deposits from, make payments on behalf of, or handle other financial transactions for a foreign financial institution. This allows foreign banks to conduct business and provide services to their clients without the expense of a physical presence.
"Correspondent banking is also known as a relationship entered into between a small bank and a big bank in which the big bank provides a number of deposit, lending, and other services."
List of correspondent Banks networks worldwide with SWIFT CODE
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