JMD correspondent banking: who clears the JMD

Tracing a JMD chain

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

Who clears JMD payments?

JMD settles through the local clearing system. Banks without direct access hold a nostro account with a correspondent that has it, so a JMD payment reaches the beneficiary by settling at that correspondent first and moving inwards. In the current dataset 19 distinct institutions act as JMD correspondents.

How concentrated is JMD clearing?

The three largest JMD correspondents between them serve about 55% of the banks that publish a JMD 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 JMD correspondent?

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