GTQ correspondent banking: who clears the GTQ

Tracing a GTQ chain

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

Who clears GTQ payments?

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

How concentrated is GTQ clearing?

The three largest GTQ correspondents between them serve about 70% of the banks that publish a GTQ 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 GTQ correspondent?

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