MNT correspondent banking: who clears the MNT

Tracing a MNT chain

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

Who clears MNT payments?

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

How concentrated is MNT clearing?

The three largest MNT correspondents between them serve about 86% of the banks that publish a MNT 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 MNT correspondent?

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