correspondent banking

noun [U] BANKING

Definition

› the act of a small foreign bank using a larger local bank to do its business in places where it has no office: An offshore affiliate of Argentina's Banco Republica had a 10-year correspondent banking relationship with Citibank in New York. Correspondent banking is the most common means of making international payments.

(Definition of correspondent banking noun from the Cambridge Business English Dictionary © Cambridge University Press)

Focus on the pronunciation of correspondent banking