Next generation correspondent banking

Rodney Garratt, Priscilla Koo Wilkens and Hyun Song Shin

No 87, BIS Bulletins from Bank for International Settlements

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.

Pages: 9 pages
Date: 2024-05-30
New Economics Papers: this item is included in nep-his and nep-pay
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