Central Banking

New data reveals 20% drop in correspondent banking

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Correspondent banking is continuing to decline, with new data showing active correspondent relationships have fallen nearly 20% in the past seven years.

This decline is triggering alarm among observers of the global financial system as the loss of relationships could make international payments more difficult and push people towards unregulated “shadow payments”.

Data published by the Basel-based Committee on Payments and Market Infrastructures (CPMI) shows how 2018 saw a drop of 3.5% in

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