NPR correspondent banking: who clears the NPR

Tracing a NPR chain

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

Who clears NPR payments?

NPR settles through the local clearing system. Banks without direct access hold a nostro account with a correspondent that has it, so a NPR payment reaches the beneficiary by settling at that correspondent first and moving inwards. In the current dataset 16 distinct institutions act as NPR correspondents.

How concentrated is NPR clearing?

The three largest NPR correspondents between them serve about 48% of the banks that publish a NPR 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 NPR correspondent?

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