payerbanks
Payerbanks, also known as correspondent banks or intermediary banks, are financial institutions that provide services to other banks, primarily for international transactions. When a bank does not have a direct relationship with a bank in another country, it can use a payerbank to facilitate the transfer of funds. This payerbank acts as a middleman, holding accounts in various currencies and enabling cross-border payments.
The services offered by payerbanks are crucial for international trade and remittances. They allow individuals and
The use of payerbanks helps to reduce the number of direct banking relationships required globally. Instead