MMK correspondent banking: who clears the MMK

Tracing a MMK chain

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

Who clears MMK payments?

MMK settles through the local clearing system. Banks without direct access hold a nostro account with a correspondent that has it, so a MMK payment reaches the beneficiary by settling at that correspondent first and moving inwards. In the current dataset 14 distinct institutions act as MMK correspondents.

How concentrated is MMK clearing?

The three largest MMK correspondents between them serve about 81% of the banks that publish a MMK 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 MMK correspondent?

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