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  • The Financial Encyclopedia
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Exceptions

The differences between the ledger balances of a bank and those of a correspondent bank. Exceptions arise from respondent- correspondent...

    Principal Bank

    A bank (the principal) which has an account with another bank (the agent, or the correspondent bank) that allows it to make payments...

      Agent Bank

      A bank which acts as agent for another bank (known as the principal bank/ respondent bank) and offers that bank an account...

        Correspondent Bank

        A bank which acts as agent for another bank (known as the respondent bank) and offers that bank an account through which it can make...

          Respondent Bank

          A bank (the principal) which has an account with another bank (the agent, or the correspondent bank) that allows it to make payments...