An association of banks created for the purpose of settling accounts with each other on a daily basis is a:

Name: An association of banks created for the purpose of settling accounts with each other on a daily basis is a:
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Question

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A clearinghouse is an association of banks or financial institutions that facilitates the exchange and settlement of payments, securities, or derivatives transactions. It helps in settling accounts between banks on a daily basis.

An Association of Banks Created for the Purpose of Settling