Correspondent account
Encyclopedia
A correspondent account is an account (often called a nostro or vostro account) established by a large banking institution to receive deposits from, make payments on behalf of, or handle other financial transaction
s for smaller financial institutions.
Financial transaction
A financial transaction is an event or condition under the contract between a buyer and a seller to exchange an asset for payment. It involves a change in the status of the finances of two or more businesses or individuals.-History:...
s for smaller financial institutions.