MRU correspondent banking: who clears the MRU

Tracing a MRU chain

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

Who clears MRU payments?

MRU settles through the local clearing system. Banks without direct access hold a nostro account with a correspondent that has it, so a MRU payment reaches the beneficiary by settling at that correspondent first and moving inwards. In the current dataset 4 distinct institutions act as MRU correspondents.

How concentrated is MRU clearing?

The three largest MRU correspondents between them serve about 75% of the banks that publish a MRU 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 MRU correspondent?

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