What is the difference between a pay-through account and a correspondent account?
Payments
Asked by Question Bot08/Oct/20141 answer
1 Answer
Pay-through is a direct association between two banks, without the need of going through an intermediary.
Correspondent account is the intermediary account that connects the two banks to make a connection.
See this answer for a more detailed understanding of a wire transfer: Faisal Khan's answer to What exactly happens when a wire transfer is made? How does the money travel from the sender's account to the recipient's account? How much time does each step take? What regulatory measures are in place, if any?
Correspondent account is the intermediary account that connects the two banks to make a connection.
See this answer for a more detailed understanding of a wire transfer: Faisal Khan's answer to What exactly happens when a wire transfer is made? How does the money travel from the sender's account to the recipient's account? How much time does each step take? What regulatory measures are in place, if any?