Anand Pande, Head of Supply Chain Finance and Trade at iGTB and founder of The Growth Paradigm Partnership, has been cited in Euromoney in an article on how an operational overhaul is needed for the correspondent banking industry to recover.
The article discusses how regulations intended to make the correspondent banking network safer have stifled the ability to operate, according to bankers. Yet the need for the service remains, and is prompting new ways of thinking.
Pande explains in the article how there has been a wariness of doing business with correspondent banks: “There has to be a push and a willingness to unpeel the complex world of correspondent banking as well as doing business with small companies,” says Pande. “This means developing the ability and wherewithal to have a risk appetite to support the real economy, down to the small and mid-tier banks and companies. The policy of risk aversion needs to change. This is critical to support and grow the real-economy flows of both cross-border and domestic trade.”
To read the full article, please go here.