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Next generation correspondent banking

Author

Listed:
  • Rodney Garratt
  • Priscilla Koo Wilkens
  • Hyun Song Shin

Abstract

Existing correspondent banking processes have struggled to adapt to new regulatory and supervisory requirements, posing questions on the future of the correspondent banking model. The tokenisation of correspondent banking, as embodied in Project Agorá (BIS (2024b)), could unlock streamlined pre-screening and atomic settlement, and pave the way for superior customer verification and anti-money laundering (AML) procedures. Tokenisation could substantially reduce duplication and miscoordination, thereby revitalising cross-border payments by fostering a robust network of correspondents and corridors.

Suggested Citation

  • Rodney Garratt & Priscilla Koo Wilkens & Hyun Song Shin, 2024. "Next generation correspondent banking," BIS Bulletins 87, Bank for International Settlements.
    • Handle: RePEc:bis:bisblt:87
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