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Correspondent account. A correspondent account is an account (often called a nostro or vostro account) established by a banking institution to receive deposits from, make payments on behalf of, or handle other financial transactions for another financial institution. Correspondent accounts are established through bilateral agreements between ...
A vostro is our account of other bank / "Foreign Bank's" money, held by us (by your country's bank) A vostro account is a record of money held by a bank or owed to a bank by a third party (an individual, company or bank). The nostro account is a way of keeping track of how much of the bank’s money is being held by the other bank. This is ...
The advising bank is not necessarily responsible for the payment of the credit which it advises the beneficiary of. The advising bank is usually located in the beneficiary's country. It can be (1) a branch office of the issuing bank or a correspondent bank, or (2) a bank appointed by the beneficiary. An important point is the beneficiary has to ...
A bank statement is an official summary of financial transactions occurring within a given period for each bank account held by a person or business with a financial institution. Such statements are prepared by the financial institution, are numbered and indicate the period covered by the statement, and may contain other relevant information ...
Ecobank, whose official name is Ecobank Transnational Inc. (ETI), is a pan-African banking conglomerate, with banking operations in 33 African countries. It is the leading independent regional banking group in West Africa and Central Africa, serving wholesale and retail customers. It also maintains subsidiaries in Eastern and Southern Africa.
MT103. MT103 (Message Type 103) is a specific SWIFT message type /format used on the Society for Worldwide Interbank Financial Telecommunication (SWIFT) payment system to send for cross border/international wire transfer messages between financial institutions for customer cash transfers.
The MT202 COV is the bank-to-bank order that instructs funds movement in alignment with the MT103 messages. The MT202 COV is needed because of correspondent banking networks and the complexity of international funds movements. Thus, an MT103 instruction is sent directly from the originator's bank to the beneficiary's bank instructing an account ...
A circular letter of credit was a letter of credit issued by a bank or related financial institution to a private person, usually an individual of means, which enabled that person to draw funds from correspondent banks while traveling. This was considered safer than carrying large sums of cash. Early examples of the use of personal letters of ...