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In banking and finance, clearing denotes all activities from the time a commitment is made for a transaction until it is settled.
The clearing process turns the promise of a transfer into the actual movement of money from one account to another. A clearing agent decides if the transfer can be executed or not. The amount which should be transferred is not deducted from the balance of the payer, but neither is it available for another transfer and therefore ensures, that the execution of the transfer will be successful when it is executed.
The corresponding PR can be found here: #2018