RON correspondent banking: who clears the RON

Tracing a RON chain

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

Who clears RON payments?

RON settles through the local clearing system. Banks without direct access hold a nostro account with a correspondent that has it, so a RON payment reaches the beneficiary by settling at that correspondent first and moving inwards. In the current dataset 194 distinct institutions act as RON correspondents.

How concentrated is RON clearing?

The three largest RON correspondents between them serve about 20% of the banks that publish a RON 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 RON correspondent?

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