HUF correspondent banking: who clears the HUF

Tracing a HUF chain

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

Who clears HUF payments?

HUF settles through the local clearing system. Banks without direct access hold a nostro account with a correspondent that has it, so a HUF payment reaches the beneficiary by settling at that correspondent first and moving inwards. In the current dataset 255 distinct institutions act as HUF correspondents.

How concentrated is HUF clearing?

The three largest HUF correspondents between them serve about 18% of the banks that publish a HUF 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 HUF correspondent?

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