ABSTRACT

The goal of this paper is to shed light on a key business in Europe that surpasses - in value of transactions - many European payment systems and that, due to the nature of the data collected, has not been the subject of any in-depth study before. This study builds upon the findings of the Eighth Survey on Correspondent Banking in Euro by adopting a finer clustering methodology. The main findings include the discovery of two additional clusters, and a more detailed understanding of the inner market dynamics over time, tying the discussion within the relevant literature. It is assumed here that the reader is already familiar with the main findings of the survey.