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19:19 Jul 10, 2002
English to English translations [Non-PRO] Bus/Financial
English term or phrase:clearance
"Cleared", "clearance" or any other form of the word as applied to a transaction means that the relevant credit has become available for use by the recipient ...".
[what does it really mean? What happens during the 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