SSP correspondent banking: who clears the SSP

Tracing a SSP chain

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

Who clears SSP payments?

SSP settles through the local clearing system. Banks without direct access hold a nostro account with a correspondent that has it, so a SSP payment reaches the beneficiary by settling at that correspondent first and moving inwards. In the current dataset 9 distinct institutions act as SSP correspondents.

How concentrated is SSP clearing?

The three largest SSP correspondents between them serve about 73% of the banks that publish a SSP 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 SSP correspondent?

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