What is Clearing bank?
A '''clearing bank''' is one which moves [[money]] between accounts, and issues money to customers. At one time this meant taking in and giving out actual money. Now it means any kind of financial transaction. In banking and [[finance]], clearing means all activities from the time a commitment is made for a transaction until it is settled. This process turns the promise of payment (for example, in the form of a cheque or electronic payment request) into the actual movement of money from one account to another. In the [[UK]] they are officially called a '''Cheque and Credit Clearing Company'''. In the [[United States]] the [[Federal Reserve]] performs an intermediary role, clearing and settling international bank payments. [[Category:Finance]] [[Category:Banks]]