The number of correspondent banking relationships around the world has dropped by nearly a quarter over the last seven years, according to new data collected by SWIFT.
Published by the Committee on Payments and Market Infrastructures, which sits within the influential Bank for International Settlements (BIS), the figures prompted officials to raise serious concerns over access to payment services in low-income countries.
Correspondent banks are vital in linking financial institutions in different countries to facilitate cross-border payments, yet have long encountered serious difficulties gaining or maintaining access to bank accounts.
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