Correspondent and counterparty network build-out

Settlement reach is the constraint that binds every other plan in the programme. The build-out reviews each correspondent and counterparty relationship the group holds, closes the ones that carry volume too small to justify the diligence, and concentrates the flow into fewer and deeper arrangements. Settlement currencies rise from 14 to 21.

A relationship that clears four payments a year still costs a full annual review, a sanctions screen and an ownership check. Twenty-one such arrangements were closed in the first half of 2026. The capacity that released paid for deeper arrangements in the six countries where the group settles most of its money.

New York carries the work because it holds the longest counterparty history in the group. The Chief Risk Officer sponsors it, and the Compliance and Conduct Committee reviews every new relationship before it opens. US$4 million of the 2026 phase pays for the review, the documentation and the two people who run the register.

Deliverables

Every correspondent and counterparty relationship tested against a written value and risk standard during 2026.
Settlement currencies raised from 14 to 21 without adding an intermediary between the group and the market.
About 190 relationships across at least 60 countries by the end of 2032.
One register holding the annual review, the sanctions screen and the ownership check for each relationship.
Two dedicated network staff at Water Street Chambers in New York from 2026.