clearance: an act of clearing

Clearing and settlement: the process whereby checks or other records of financial or point-of-sale transactions are moved /physically or electronically) from the point at which they were originated to the organization (bank, thrift institution or other agency) that keeps the accounts for, and expects to collect from and accounts to, the responsible payor. The settlement process completes the internal financial transactions among the (possibly) many parties involved in the clearing operation.


Quote from Dictionary of Banking Jerry M. Rosenberg

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