TRY correspondent banking: who clears the TRY

Tracing a TRY chain

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

Who clears TRY payments?

TRY settles through the local clearing system. Banks without direct access hold a nostro account with a correspondent that has it, so a TRY payment reaches the beneficiary by settling at that correspondent first and moving inwards. In the current dataset 278 distinct institutions act as TRY correspondents.

How concentrated is TRY clearing?

The three largest TRY correspondents between them serve about 15% of the banks that publish a TRY 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 TRY correspondent?

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