CLP correspondent banking: who clears the CLP

Tracing a CLP chain

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

Who clears CLP payments?

CLP settles through the local clearing system. Banks without direct access hold a nostro account with a correspondent that has it, so a CLP payment reaches the beneficiary by settling at that correspondent first and moving inwards. In the current dataset 20 distinct institutions act as CLP correspondents.

How concentrated is CLP clearing?

The three largest CLP correspondents between them serve about 37% of the banks that publish a CLP 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 CLP correspondent?

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