Term

Correspondent Banking

Definition

is an essential component of the global payment system, especially for cross-border transactions. an arrangement under which one bank holds deposits (correspondent) owned by other banks (respondent) and provides payment and other services to those respondent banks.

Term

ECC Governers

Definition

have mandated the CPMI to produce a report on this issue to ensure an efficient provision of cross-border payment services globally

Term

Beneficiary

Definition

the natural or legal person or legal arrangement who is identified by the originator as the receiver of the requested wire transfer