VUV correspondent banking: who clears the VUV

Tracing a VUV chain

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

Who clears VUV payments?

VUV settles through the local clearing system. Banks without direct access hold a nostro account with a correspondent that has it, so a VUV payment reaches the beneficiary by settling at that correspondent first and moving inwards. In the current dataset 12 distinct institutions act as VUV correspondents.

How concentrated is VUV clearing?

The three largest VUV correspondents between them serve about 70% of the banks that publish a VUV 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 VUV correspondent?

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