Settlement
The third core function in the processing chain is that of settlement. This can take the form of a clean currency payment/receipt at the bank’s accounts or through the medium of CCIL. The CCIL settlement process is a multilateral netting system for Inter bank transactions that will net the member’s payment and receipts in a currency, even if they are due to or due from him from different counter parties and settles the net position in both legs of the transaction.