clearing

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clearing

the process by which the cheques drawn on clearing banks are exchanged and the differences between what is due from and to each bank are settled daily by transfers between the accounts of such banks with the Bank of England.
References in periodicals archive ?
By doing this, the biller can reduce the clearing time of the payment, take more control of returned items, and potentially reduce expenses by eliminating mailed bills and processed checks.
It is registered by MasterCard and VISA International as a Merchant Services Provider and has access to the American Express early settlement programme allowing faster clearing times on funds taken by card for local businesses.
BANKING staff are giving confusing and inconsistent advice to customers when it comes to cheque clearing times, according to a banking watchdog.
But even during the transition, clearing times will improve with the use of substitute checks.
Designed for Deutsche Bank's financial institution clients, this hosted offering leverages Bottomline's WebSeries[R] platform to provide a comprehensive solution for requesting, approving and printing checks and remittance information locally, across multiple currencies and in a format to clear locally in the beneficiary's country, hence minimizing fees and clearing times.
said, "Utilizing these services helps to reduce overall check clearing times which will benefit Fidelity's customers and the bank in many ways, for instance, where fraudulent items or non-sufficient funds will be returned quicker, thus reducing both bank and bank customer losses.