Nostro and vostro accounts

Nostro and vostro (Italian, from Italian, nostro and vostro; English, 'ours' and 'yours') are accounting terms used to distinguish an account held for another entity from an account another entity holds. The entities in question are almost always, but need not be, banks.

Understanding Terminology

Definition

The terms nostro and vostro are used, mainly by banks, when one bank keeps money at another bank. Both banks need to keep records of how much money is being kept by one bank on behalf of the other. In order to distinguish between the two sets of records of the same balance and set of transactions, banks refer to the accounts as nostro and vostro. Speaking from the point of view of the bank whose money is being held at another bank:

  • A nostro is our account of our money, held by the other bank
  • A vostro is our account of other bank money, held by us
  • A vostro account is the same as any other bank account. It is a record of money held by a bank or owed to a bank by a third party (an individual, company or bank). The nostro account is a way of the bank whose money it is, keeping track of how much is being held by the other bank. It is similar to an individual keeping a detailed record of every payment in and out of his or her bank account so that she/he knows the balance at any point in time.

    Podcasts:

    PLAYLIST TIME:

    Who Am I (hold Yuh Remix)

    by: Nu Star

    I am who I am
    Who God says that I am.
    A virtuous man who plants seeds.
    I till my land and pull up weeds.
    Yeah you know what I mean
    I dream no dreams,
    And I sleep no nights.
    I have no friends.
    But I am well known
    I am unique and the only one
    Yea I'm the only son
    I am who I am
    Anything I wanna be
    Anywho, anyhow, anywhere I wanna be
    Open your eyes can't you see
    Come on come on follow my lead
    I am a warrior, slayer, and I'm strong
    Fighting demons all day long
    Mezanmi map bat satan
    Devoye'l ak kout baton
    I am who I am, this is me.
    Nu Star a man of God
    Respectable, and unstoppable
    I'm a spread the gospel until you know
    [Chorus:]
    Everywhere that I go, everybody wanna know [x2]




    ×