The New York Clearing House is nearing completion of a makeover that is turning a staid old association into much more of a commercial enterprise.

Formed in 1853 to simplify interbank check exchanges-still a core business-the nation's oldest bank clearing house went high-tech years ago with Chips, the electronic funds transfer system that became a linchpin of international banking and finance. It also does automated clearing house processing for hundreds of banks in the Second Federal Reserve District.

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