MXN correspondent banking: who clears the MXN

Tracing a MXN chain

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

Who clears MXN payments?

MXN settles through the local clearing system. Banks without direct access hold a nostro account with a correspondent that has it, so a MXN payment reaches the beneficiary by settling at that correspondent first and moving inwards. In the current dataset 238 distinct institutions act as MXN correspondents.

How concentrated is MXN clearing?

The three largest MXN correspondents between them serve about 25% of the banks that publish a MXN 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 MXN correspondent?

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