Clearing:
The process of exchanging financial transaction details between an acquirer and an issuer to facilitate posting to a cardholder's account and reconciliation of a customer's settlement position. Global Clearing Management System (GCMS), Mastercard’s centralized clearing facility, performs uninterrupted processing and routing of card transactions between Mastercard and its acquirers and issuers. GCMS accepts the information, edits it, assesses the appropriate fees and routes it to the appropriate receiver.