Would a US Bank Account (Nostro) via Fedwire be held in a foreign country? Would that be classified as Nostro accounts?
There are two scenarios in which this can be played out:
(a) You are a licensed payout partner with a direct correspondent tie-up agreement with the US solution provider (i.e. the license holder). In this case, you, as the payout partner, ‘may’ have (on your own arrangement) a bank account in the United States, held with a licensed bank to receive money in. This account is designated as a Nostro account for you, the licensed payout partner.
The US solution provider (i.e. the license holder) that is holding on to your funds, can now push the money into your Nostro account and then that money is now considered ‘delivered’ and settled to you. For the US provider, there is no international SWIFT / Wire transfer. The settlement is quick and usually on the same day (if not the same hour (if Fedwire is used).
(b). In the alternative scenario, you are a marketing company that is managing and running the remittance-as-a-service program. The US solution provider already has arrangements with a payout partner (whether through you or not, is irrelevant), and as before in the above-mentioned case, the funds held for the payout partner will be pushed to the Nostro account of the payout partner.
You, as the entity that is running the remittance-as-a-service program, can request the solution provider to push your ‘commissions’ into a bank account that has the same title as your company’s name. This bank account could be in the United States or abroad.