Who clears AWG payments?

AWG settles through the local clearing system. Banks without direct access hold a nostro account with a correspondent that has it, so a AWG payment reaches the beneficiary by settling at that correspondent first and moving inwards. In the current dataset 6 distinct institutions act as AWG correspondents.

How concentrated is AWG clearing?

The three largest AWG correspondents between them serve about 67% of the banks that publish a AWG 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 AWG correspondent?

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

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AWG correspondent banking: who clears the AWG

Banks without direct access to AWG clearing settle through a correspondent that has it. AWG settles through its domestic clearing system.

AWG in the instruction data

Aggregate figures from the current SWIFT standing settlement instruction dataset.

9: banks publish a AWG instruction
6: correspondents serve AWG
67%: served by the top three
4: countries represented

Individual instructions, BICs and account numbers are available to subscribers.

Tracing a AWG chain

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

Who clears AWG payments?: AWG settles through the local clearing system. Banks without direct access hold a nostro account with a correspondent that has it, so a AWG payment reaches the beneficiary by settling at that correspondent first and moving inwards. In the current dataset 6 distinct institutions act as AWG correspondents.
How concentrated is AWG clearing?: The three largest AWG correspondents between them serve about 67% of the banks that publish a AWG 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 AWG correspondent?: Search the bank's BIC, select AWG, and the chain resolves hop by hop to the institution that clears the currency, including the nostro account number on each relationship.

Trace a AWG chain How it works

AWG correspondent banking: who clears the AWG

AWG in the instruction data

Tracing a AWG chain

Other currencies