OMR correspondent banking: who clears the OMR

Tracing a OMR chain

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

Who clears OMR payments?

OMR settles through the local clearing system. Banks without direct access hold a nostro account with a correspondent that has it, so a OMR payment reaches the beneficiary by settling at that correspondent first and moving inwards. In the current dataset 83 distinct institutions act as OMR correspondents.

How concentrated is OMR clearing?

The three largest OMR correspondents between them serve about 39% of the banks that publish a OMR 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 OMR correspondent?

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