what is Reconciliation-NOSTRO,VOSTRO?
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Answer Posted / rajesh kumar
An accounting process used to compare two sets of records to
ensure the figures are in agreement and are accurate.
Reconciliation is the key process used to determine whether
the money leaving an account matches the amount spent,
ensuring that the two values are balanced at the end of the
recording period.
At the end of every month it is a good idea to
reconcile your checkbook by comparing your receipts with
your bank statement. Among other advantages, this type of
account reconciliation makes it possible to determine
whether money is being fraudulently withdrawn from an account.
Nostro Account: An account that a bank holds with a foreign
bank. Nostro accounts are usually in the currency of the
foreign country. This allows for easy cash management
because currency doesn't need to be converted. A nostro is
our account of our money, held by you
Nostro is derived from the latin term "ours."
Vostro Account: A vostro is your account of your money,
held by us. The account a correspondent bank, usually U.S.
or UK, holds on behalf of a foreign bank. Also known as a
loro account.
Vostro is latin for yours.
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