Central Banking

CPMI launches plan to halt correspondent banking decline

The BIS. Photo by Dan Hinge
Dan Hinge

The Committee on Payments and Market Infrastructures (CPMI) unveiled plans to help reverse the decline in correspondent banking in a consultation published today (October 6).

Correspondent banks hold deposits owned by another – ‘respondent' – bank and provide payments and other services to the respondent bank. This allows banks to access services they would otherwise be excluded from, particularly cross-border payments, which in turn has a role in boosting financial inclusion and promoting

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