3 ms·
Should be nostro and vostro (our and your) not loro (their): https://en.wikipedia.org/wiki/Nostro_and_vostro_accounts https://en.wikipedia.org/wiki/Nostro_and_
by jaclaz 5y ago
Should be nostro and vostro (our and your) not loro (their):
https://en.wikipedia.org/wiki/Nostro_and_vostro_accounts https://en.wikipedia.org/wiki/Nostro_and_vostro_accounts
the loro is used when a third bank is in the process or however is not as common as the two above.
- LittleNemoInS 5y agoYou are right, sorry for the confusion. (However, the WP article is not really accurate, nostro accounts can also be our money in our system)
- jaclaz 5y agoNo need to be sorry, but yes, Wikipedia articles can be a bit "vague" sometimes, it was just the first reference I found, maybe this one on investopedia is better, though it is also seemingly putting an accent on foreign currency/foreign banks, which I don't believe is the only use (I mean the concept applies to banks in a same country as well, AFAICR): https://www.investopedia.com/ask/answers/051815/what-difference-between-nostro-and-vostro-account.asp https://www.investopedia.com/ask/answers/051815/what-differe...
- LittleNemoInS 5y agoYes, the concept applies to all bank accounts. As I said, Nostro is also used for own accounts. The account refleting the position of the bank (its own money and assets, not the money or assets deposited by its clients) is also called a nostro, at least in Europe.