COLUMBUS, Ohio - National Clearinghouse Association, a private-sector alternative to the Federal Reserve's check clearing services, has changed its settlement procedures to reflect changes developed by the Federal Reserve.The enhanced Fed system, applicable to any multilateral netting scheme, was unveiled in March and replaces one that relied on the Fed Wire for settlement.

National Clearinghouse participants transmit payment entries to an account at the Cleveland Federal Reserve Bank. The Fed then posts these entries to the appropriate reserve accounts of each member.

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