GEL correspondent banking: who clears the GEL

Tracing a GEL chain

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

Who clears GEL payments?

GEL settles through the local clearing system. Banks without direct access hold a nostro account with a correspondent that has it, so a GEL payment reaches the beneficiary by settling at that correspondent first and moving inwards. In the current dataset 12 distinct institutions act as GEL correspondents.

How concentrated is GEL clearing?

The three largest GEL correspondents between them serve about 92% of the banks that publish a GEL 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 GEL correspondent?

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