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XPDXPD

XPD correspondent banking: who clears the XPD

Banks without direct access to XPD clearing settle through a correspondent that has it. XPD settles through its domestic clearing system.

XPD in the instruction data

Aggregate figures from the current SWIFT standing settlement instruction dataset.

169
banks publish a XPD instruction
33
correspondents serve XPD
56%
served by the top three
39
countries represented

Individual instructions, BICs and account numbers are available to subscribers.

Tracing a XPD chain

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

Who clears XPD payments?
XPD settles through the local clearing system. Banks without direct access hold a nostro account with a correspondent that has it, so a XPD payment reaches the beneficiary by settling at that correspondent first and moving inwards. In the current dataset 33 distinct institutions act as XPD correspondents.
How concentrated is XPD clearing?
The three largest XPD correspondents between them serve about 56% of the banks that publish a XPD 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 XPD correspondent?
Search the bank's BIC, select XPD, and the chain resolves hop by hop to the institution that clears the currency, including the nostro account number on each relationship.
Trace a XPD chainHow it works

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