An association of banks and other payors whose members settle accounts with each other on a daily basis is a:

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A clearinghouse is a financial institution that facilitates the clearing (settlement) of payments, securities, or derivatives transactions. It is an association of banks and other payors who agree to settle accounts with each other on a daily basis, typically using a netting or offsetting process to reduce the number of actual payments that need to be made. This helps to reduce risk, lower costs, and increase efficiency in the financial system. Option A is not a commonly used term, and option C refers to a type of reserve account that banks must maintain with the Federal Reserve. Therefore, the best choice is B.

An Association of Banks and Other Payors Whose Members Settle