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NOSTRO Reconciliation is the reconciliation of foreign currency accounts held in another bank.
Reconciliation means to settle the internal account with external account
A bank account other than local currency maintained by domestic bank in foreign country called NOSTRO account, this type of account normally used to facilitate international trade or transactions, generally in banking industry banks used this types of account for Visa & MasterCard settlements etc. whereas reconciliation is the process to verify or ensure that two set of account balances are matched and are as per agreement.
To deal in the Foreign Exchange Market and transact in foreign currencies, banks maintain accounts with other banks globally. This is known as a Nostro Account.
Definition of reconciliation 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 is money leaving an account matches the amount spent,ensuring the two are balance at the end of the recording period.
Bank has an account in other bank in out side country, we can call intermediate bank. these bank reconciliation we can call Nostro Reconciliation
NOSTRO reconciliation is reconciliation of Foreign Currency account of Bank where funds are received/paid to other Banks in different currencies.
NOSTRO Reconciliation is for international bank Reconciliation with different currency.
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