Noun
clearing bank (plural clearing banks)
Any of a network of banks that have a formal arrangement for the exchange of cheques, drafts, etc.
Just as the Bank of England acts as the clearing bank for the UK’s commercial banks, Target2 acts as a clearing system for eurozone central banks. Source: Internet
That business is ClearBank, the first new clearing bank to enter the UK market for more than 250 years. Source: Internet