Baltic, Banks, Financial Services, USA

International Internet Magazine. Baltic States news & analytics Friday, 29.03.2024, 15:15

Baltic banking: Luminor opens direct USD correspondent account with Citi

BC, Tallinn, 15.10.2019.Print version
Luminor started to route US dollar payments through its new core banking platform via Citibank N.A., the third largest banking group in the United States, from the beginning of October, informed LETA/BNS.

Luminor CEO Erkki Raasuke said  that one of the objectives of Luminor has been to establish an independent correspondent banking network and payment infrastructure.


City has become Luminor's global counterparty in several areas. Luminor now has a direct correspondent banking relationship with Citi via a USD nostro account as well as nostro accounts in other main currencies.


Luminor plans to switch its cross-border payment flows serviced by DNB Bank ASA and Nordea Bank Abp to direct nostro accounts with new counterparty banks by the end of 2019. Customers will be informed of any changes in payment requisites. DNB and Nordea will remain as Luminor's correspondent banks for Nordic currencies.






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