correspondent banking
noun[U]
BANKINGukustheactof asmallforeignbankusing alargerlocalbankto doitsbusinessinplaceswhere it has nooffice:
Anoffshoreaffiliateof Argentina's Banco Republica had a 10-yearcorrespondentbankingrelationshipwith Citibank in New York.
Correspondentbankingis the mostcommonmeansof makinginternationalpayments.