Longman Dictionary of Contemporary English
n. Any of a network of banks that have a formal arrangement for the exchange of cheques, drafts etc.
Usage examples of "clearing bank".
It was not a clearing bank, of course, had no current account holders, and issued no checkbooks.
He linked his datapad to the Central Clearing Bank via encrypted hyperwave and set to work.
You will note, McCoy said, that the bank account numbers are all in place, and all the corporate and private transactions are cross-indexed by their Central Clearing Bank reference numbers.
The banker also added that he hoped the newly formed company would continue to use Child and Company as their clearing bank.