The number of correspondent banking relationships and active remittance corridors has fallen further, the Financial Stability Board (FSB) has warned, as national regulators are urged to do more to tackle de-risking.
Data published by the FSB on Friday revealed that the number of active correspondents — a vital link in the chain for cross-border payments — fell in every region of the world during 2017.
“The decline in the number of active correspondents, as measured by the flow of SWIFT payment messages, continued in 2017, with a year-on-year reduction of 4.1 percent,” it said.
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