Correspondent banking facilitates cross-border payments and access to foreign financial markets without opening branches abroad.

A correspondent banking relationship functions as an intermediary arrangement in which one bank facilitates wire transfers, accepts deposits, conducts transactions, and collects documentation on behalf of another. Domestic banks use correspondent banks to service transactions originating or completing abroad, to access foreign financial markets, and to serve international clients without opening branches overseas, thereby enabling cross border payment settlement and market connectivity.

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