20 years: Corporate banking
The main purpose of the second video on this series is to provide a step by step information on the International Payment methods.
The main purpose of the second video on this series is to provide a step by step information on the International Payment methods.
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4 mins 26 secs
The text below gives an overview of how the International payment system works.
Key learning objectives:
Understand how banks choose their correspondent bank in other countries
Outline the steps for an international payment
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A correspondent bank is a financial institution that provides services to another, usually in a different country.
For example, The best way for Lloyds to gain access to the US payment network is to form relationships with US banks that are already members of the US domestic payment schemes, this US bank is known as a "correspondent bank."
Banks choose their correspondent banks based on
SWIFT is a secure communication system that allows over 10,000 financial institutions in over 200 countries to send and receive messages to each other relating to financial transactions.
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