SYP correspondent banking: who clears the SYP

Tracing a SYP chain

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

Who clears SYP payments?

SYP settles through the local clearing system. Banks without direct access hold a nostro account with a correspondent that has it, so a SYP payment reaches the beneficiary by settling at that correspondent first and moving inwards. In the current dataset 3 distinct institutions act as SYP correspondents.

How concentrated is SYP clearing?

The three largest SYP correspondents between them serve about 100% of the banks that publish a SYP 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 SYP correspondent?

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