Opening and maintenance of correspondent accounts
As one of the most actively operating banks in the sphere of foreign hard and soft currency transfers, ARMECONOMBANK OJSC, to meet its customer's payment/settlement requirements, to cut the time of making commercial transfers and to rise the quality of transfers has established correspondent relations with banks operated in different countries located in foreign countries to meet the payment/settlement needs of its Customers.
During opening of correspondent account the following bank indicators are scrutinized:
- Financial stability of the country in which the bank is registered,
- Financial and economic stability of the country in which the bank is registered,
- The bank's financial stability,
- The bank's high international rating,
- Membership to widely recognized International Payment Systems,
- Existence of a wide network of correspondent accounts,
- Existence of branch network in different countries,
- Fast and secure performance of transfers,
- Lower commission fees for correspondent accounts
- Armeconombank holds no correspondent accounts only with the banks operating within the countries mentioned in the "List of Countries and Territories not having passed a legislative act on "Safeguarding Banks from Circulation of Criminally Obtained Funds, Preventing Funding for Terrorism" approved by CB of Armenia,
- Bank rating received from well-known International rating companies. (Moody°s Investors Service, Standard & Poor's, Fitch Ratings).