PKR correspondent banking: who clears the PKR

Tracing a PKR chain

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

Who clears PKR payments?

PKR settles through the local clearing system. Banks without direct access hold a nostro account with a correspondent that has it, so a PKR payment reaches the beneficiary by settling at that correspondent first and moving inwards. In the current dataset 49 distinct institutions act as PKR correspondents.

How concentrated is PKR clearing?

The three largest PKR correspondents between them serve about 61% of the banks that publish a PKR 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 PKR correspondent?

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