clearing-house

A clearing-house settles transactions between different banks.

Definition

1. Noun:
   • A central agency for collecting and distributing information or materials: A "clearing-house" is an organization or system that acts as a central point for the exchange of information, documents, or goods between different parties.
   • A financial institution for exchanging checks and accounts: In banking, a "clearing-house" is a facility where banks and financial institutions settle mutual claims and debts by exchanging checks, drafts, and other financial instruments.

Usage Examples

• Information clearing-house:

  • The library serves as a clearing-house for research data. (The library collects and distributes research information to various users.)
  • The website is a clearing-house for job postings in the tech industry. (The website gathers job listings from many sources and makes them available to job seekers.)

• Financial clearing-house:

  • The Federal Reserve acts as a clearing-house for checks between banks. (The Federal Reserve processes and settles check transactions among different banks.)
  • The clearing-house ensures that all financial transactions are properly reconciled at the end of the day. (The central system verifies and balances the accounts of all participating institutions.)

Advanced Usage

• "clearing-house for ideas": A metaphor for a place or group where ideas are exchanged and developed.

  • The conference functioned as a clearing-house for new business strategies. (The conference was a central venue where participants shared and refined business ideas.)

• "clearing-house mechanism": A formal process or system for coordinating the flow of information or resources.

  • The government established a clearing-house mechanism to distribute emergency supplies during the disaster. (The government set up a central system to manage and allocate relief materials.)

Variants and Related Words

• Clearing (n): the process of settling financial transactions or exchanging information.

  • The clearing of checks takes one business day. (The process of verifying and transferring funds between banks.)

• House (n): a building or organization that provides a specific service.

  • The publishing house has a large collection of books. (The organization that publishes books.)

Synonyms

• Exchange: a place or system for trading or swapping items or information.
• Hub: a central point for activity, such as transportation or communication.
• Repository: a place where things are stored and from which they can be distributed.

Phrasal Verbs

• Clear through: to process or pass through a clearing-house.
  • The check cleared through the clearing-house within two days. (The check was processed and settled by the central banking system.)

Related Idioms

• "Pass through the clearing-house": To be processed or verified by a central authority.
  • All applications must pass through the clearing-house before being approved. (All applications must be reviewed and confirmed by the central office.)