New York Clearing House

The New York Clearing House Association, the nation’s first and largest bank clearing house, was created in 1853, and has played a variety of important roles in supporting the development of the banking system in America’s financial capital. Initially, it was created to simplify the chaotic settlement process among the banks of New York City. It later served to stabilize currency fluctuations and bolster the monetary system through recurring times of panic. Since the creation of the Federal Reserve System in 1913, the Clearing House has used technology to meet the demands of an increasingly complex and growing banking system.