Leif Trogen runs the Swedish Banker's Association which also operates the clearing system there.
The country did not have the nationwide telecommunications networks necessary for an electronic clearing system.
Universities Minister David Willetts also backed the need for a more coherent approach to the clearing system.
TMs. The new banks will also be plugged directly into Japan's clearing system.
The New Yorkers, in turn, will use the Federal Reserve's clearing system to wire the money to a correspondent bank in Memphis.
With A-level results due out later, the Times suggests most universities will offer fewer places through the clearing system than last year.
SNCF's problem: the euro will still lack a pan-European cheque-clearing system.
As things stand, however, Canadian bank charges are lower than those in the United States, and the unified Canadian clearing system is more efficient than America's.
The Payments Council said the cheque clearing system would only be closed once acceptable alternatives had been devised - and more consultation is expected in the future.
Moves by the Hong Kong Monetary Authority to introduce a U.S. dollar-clearing system in stages this year suggest a possible slow move toward at least partial dollarization.
The new seller then gets paid with that newly created money, which in the bank clearing system, acts just the same as money you and I work for.
Universities and colleges across the country are on standby for calls from students who have either not gained or surpassed the grades they were expecting and want to search for a university place via the Clearing system.
In the mid-1980s, when MasterCard entered the market, the clearing system between banks in different cities was (and is) almost non-existent: a cheque could take up to a month to clear, and many sellers would not release goods until it did.
He also said the Fed is encouraging the development of a central counterparty clearing system for trading in credit default swaps and working on strengthening the resiliency of the short-term secured funding markets that left Bear in the lurch in March.
LSE, thinks the European Commission in Brussels should go further and impose a single European clearing and settlement system like America's.
There is more of a market this year in student places and some Russell Group universities have never previously offered places through Clearing - the system which matches students to vacancies.
The European Central Bank, which ought to see the big picture, is in favour of a clearing and settlement system, or network of systems, within the euro area, but is wary of letting a new monopoly develop.
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But bringing inflation down to single-digit figures and keeping it there, as well as clearing up the banking system, requires political will.
The latest figures for Tuesday show that there are now about 27, 000 students who have gained places through clearing, which is the system which matches applicants with any available places.
If these products that got to be so large can have that much impact on systemic risk in the U.S. financial system, I think the dealers have to accept that central clearing and some transparency is a price of wanting to be in those businesses.
"We are the victims of our own success: We have created a very efficient check-deposit system, " said Elliott McEntee, president and CEO of the National Automated Clearing House Association in Herndon, Va.
The deal would give LSE its own clearing house at a time when regulators are pushing for greater use of the facilities to protect the financial system.
It has plans to modernise the undercapitalised banking system, which currently has no facilities for electronic payments and only a rudimentary process for cheque-clearing.
Exchanges and execution venues in coordination with trading firms and clearing members have (or at least should have) an ethical obligation to create test environments and standards for system run-off tests, where all manner of market and technological scenarios bombard each system to verify its robustness.
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These then morphed into "banks for bankers" - clearing houses which would mop up liquidity among the middle and upper classes and spread it through the private banking system (in the lobby of the Bank of England there is a nice painting of the English bourgeoisie queuing up at Threadneedle Street on Dividend Day by George Elgar Hicks).
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