Clearing
is the process of classifying and summarizing transaction data according to the institution and transaction type, and calculating the settlement amount.
Settlement
refers to the whole process of netting and submitting transaction data according to the settlement results and completing the transfer of funds.
Settlement of Accounts
Refers to the entire process of completing the transfer of funds between client accounts.
Clearing mainly refers to the currency receipt and payment between different banks. It can be considered as the sending, receiving and checking and confirmation of payment instructions by the initiating bank and the receiving bank before settlement. The result is a comprehensive exchange of settlement tools and payment information, and the establishment of final settlement. position.
Settlement refers to the process of performing corresponding accounting treatment on the positions to be settled in the originating bank and the receiving bank, completing the transfer of funds, and notifying both the payer and the payer. At present, most bank settlement business is completed mainly through two types of accounts: one is the agency account opened with each other between banks, and the other is the account opened with the central bank, independent financial institutions such as UnionPay, or third-party payment institutions.