KES correspondent banking: who clears the KES

Tracing a KES chain

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

Who clears KES payments?

KES settles through the local clearing system. Banks without direct access hold a nostro account with a correspondent that has it, so a KES payment reaches the beneficiary by settling at that correspondent first and moving inwards. In the current dataset 76 distinct institutions act as KES correspondents.

How concentrated is KES clearing?

The three largest KES correspondents between them serve about 33% of the banks that publish a KES 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 KES correspondent?

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