Our Nostro account service is designed specifically for banks in regions that have become isolated by the withdrawal of correspondent banking facilities. The accounts work exactly as in correspondent banking; they allow you to receive and disburse hard currencies in the form of incoming payments to your customers and outgoing settlements to their overseas suppliers.
Welcome back to compliant world trade.
The Choice Nostro account allows you to manage two separate currency flows. You receive hard currency payments into your nostro account, settling with your customer in local currency from your treasury. You can then sell the hard currency to a local importer, settling with their supplier from your nostro account. There's a short YouTube explanation here.
By recirculating each currency independently, you benefit from two-way exchange. Of course, how you actually manage your nostro accounts is up to you.
Remember also that you can call on Choice Forex at any time to cover any imbalance in your currency liquidity, or to handle rapid FX trades between almost any currency you may require.
Obviously, you'll need to be certain that your nostro account is operated under strict adherence to compliance regulations. We operate what may be the most comprehensive and in-depth compliance processes, using purpose-built systems that positively scrutinise every transaction. This goes far beyond the usual banking model of on-boarding, followed by simple limit-triggered ongoing diligence.
You can read more about Choice nostro accounts by clicking here, but we understand that your way of working is your own. That's why we should swap ideas to come up with something unique to you.
The best way to start the process is to call us on +230 460 9302 or click here.
Choice International (Mauritius) Limited, 2 Standard Chartered Tower, Cybercity, Ebene, MAURITIUS
+230 5869 0080
Licensed by the Financial Services Commission, Mauritius under licence no: C119024102
Copyright ©2020-2022, Choice International (Mauritius) Ltd
