Meaning of “correspondent bank” in the English Dictionary

"correspondent bank" in Business English

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correspondent banknoun [ C ]

uk us also correspondent BANKING

a bank that does work for a bank in another place, usually in another country:

The use of a correspondent bank facilitates the transfer of funds abroad.
correspondent banking
noun [ U ]

These principles apply in all correspondent banking arrangements.

(Definition of “correspondent bank” from the Cambridge Business English Dictionary © Cambridge University Press)