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BNY Mellon’s Dominic Broom cited in TXF correspondent banking feature

Dominic BroomCorrespondent banking forms much of the bedrock of international trade, allowing banks to make and receive international payments. Yet, a number of factors are forcing some banks to withdraw from many of their correspondent banking relationships. In TXF, Dominic Broom, Head of Treasury Services EMEA, BNY Mellon, discusses some of the reasons for this trend (such as compliance demands and infrastructure investment, which are driving up costs), how correspondent banking numbers are determined not only by correspondents but also respondents, and how banks exiting certain markets can create opportunities for institutions with more focused footprints.

To read the full article, please click here (please note, free subscription to TXF is required to view).

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