The Decline in Access to Correspondent Banking Services in Emerging Markets : Trends, Impacts, and Solutions
To move funds internationally, banks rely on correspondent banking relationships (CBRs), roughly defined as the provision of banking services by one bank (the correspondent) to another bank (the respondent). CBRs are essential to international paym...
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| Format: | Working Paper |
| Language: | English |
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World Bank, Washington, DC
2018
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| Online Access: | http://documents.worldbank.org/curated/en/552411525105603327/The-decline-in-access-to-correspondent-banking-services-in-emerging-markets-trends-impacts-and-solutions-lessons-learned-from-eight-country-case-studies http://hdl.handle.net/10986/29778 |
| Summary: | To move funds internationally, banks
rely on correspondent banking relationships (CBRs), roughly
defined as the provision of banking services by one bank
(the correspondent) to another bank (the respondent). CBRs
are essential to international payments and provide an
essential nexus between local economies and jurisdictions
and the international financial system. They underpin
international trade, remittances, and humanitarian financial
flows among countries and are therefore particularly
relevant to developing countries to support economic growth
and development. Since the global financial crisis of 2008,
global banks have been reviewing their CBRs and many have
decided to terminate or limit their correspondent banking
services (also known as derisking) to different regions,
jurisdictions, or categories of clients. |
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