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You should then inform your bank manager to take immediate action and get your money back or credited to the right. The correspondent bank executes payments on behalf of the respondent bank and its customers. How customer behavior and technology will change the future of financial services. Correspondent banks are a pivotal part of the financial industry as they provide a way for domestic banks to operate when it isn't the correspondent bank will, therefore, charge a fee for this service, which is usually passed off from the domestic bank to the customer. However, there are few signs that the changes have had a lasting material impact.
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Correspondent banks are financial institutions that act as an agent on behalf of other financial institutions this allows foreign banks to retain customers while keeping costs down.
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