Clearing (also mostly used in German, less frequently referred to as Verrechnungsverkehr)

In the case of institutions, the mutual offsetting (balancing, netting out; in older documents for netting also exequation) of interbank liabilities against interbank claims; the remaining balance is settled in central bank money. In contrast, the settlement of balances between companies belonging to the same group is usually referred to as netting. – In Germany, the Deutsche Bundesbank and its branches make themselves available for the settlement of clearing traffic. – See Euroclear, compensation, netting, settlement. – Cf. ECB Annual Report 2001, p. 145 f.

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