AMD correspondent banking: who clears the AMD

Tracing a AMD chain

Each instruction names the institution holding that bank's AMD account. Following those links repeatedly ends at a bank that publishes no onward AMD instruction — the ultimate clearer, with direct access to clearing. That is where the money actually settles before moving inwards to the beneficiary.

Who clears AMD payments?

AMD settles through the local clearing system. Banks without direct access hold a nostro account with a correspondent that has it, so a AMD payment reaches the beneficiary by settling at that correspondent first and moving inwards. In the current dataset 19 distinct institutions act as AMD correspondents.

How concentrated is AMD clearing?

The three largest AMD correspondents between them serve about 55% of the banks that publish a AMD instruction. Concentration matters because the withdrawal of one correspondent can affect a large number of respondent banks at once.

How do I find a bank's AMD correspondent?

Search the bank's BIC, select AMD, and the chain resolves hop by hop to the institution that clears the currency, including the nostro account number on each relationship.