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A correspondent bank is essentially a middleman between two banks, often located in different countries.
It provides banking services on behalf of another bank, allowing them to conduct business internationally without setting up physical branches.
Imagine you’re a bank in the United States with customers who need to send money to a friend in Australia. Instead of opening a branch in Australia, you can partner with a correspondent bank there. This Australian bank becomes your representative, handling transactions on your behalf.
To manage these transactions, banks use special accounts:
While correspondent banking offers advantages, it also comes with challenges:
Despite these challenges, correspondent banking remains essential for the global financial system, enabling seamless cross-border transactions
Contact IFB today to discuss your correspondent banking needs for your offshore or licensed international bank in a quality jurisdiction. We’ll work closely with you to develop a personalized plan, secure the right accounts, and unlock your business’s full potential.