The foreign exchange market is the largest component of the international capital market. Large money-center banks are the primary dealers in foreign exchange, trading in spot, forward, forward swaps, and options. Central banks are also instrumental to the foreign exchange market, acting as policy agents for their respective governments and also as operators of the primary settlements systems. The foreign exchange market has developed its own unique set of conventions for identifying banks, currencies, and types of transactions. Being a crucial and highly specialized field, cost management necessitates the utilization of an appropriate decision-making strategy as an integral component of the bank’s internal value generation process. Correspondent banking is a high-risk financial segment that is subject to the measurements and expectations of regulators all over the world. On the one hand, this sector is a dynamically expanding field of management and controlling methods that are implemented in banks. On the other hand, these regulators. The objective of this study is to identify the primary obstacles to the advancement of cost management in correspondent banking relationships (CBRs) all over the world and to provide solutions and suggestions for Ukraine. Based on the analytical results of transaction volume, comparing drivers of restriction of CBRs, and rapidly growing number of different types of compliance and operational costs, the paper explains the primary reasons for and essential components of a cost-management system for managing risks and costs in CBRs. This is done with reference to the phrase “key reasons” and “essential components,” respectively. As a consequence of this, the study highlights the cost-cutting measures that are based on digital asset solutions and blockchain technologies. These cost-cutting measures can help banks eliminate and lower the costs of customer on-boarding, due diligence and the prevention of money laundering, foreign exchange and currency hedging, treasury and payment operations, liquidity and capital raising. Moreover, these cost-cutting measures can help banks eliminate and lower the costs of customer on-boarding, due diligence and the prevention of money laundering.