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Well connected cities do not need such facility and only creates transaction costs

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1) More liquidity needed.
2) Very Stable

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Efficient:
1) Banks have to hold less liquidity
2) Less transactions costs

Risky:
Unsecured credit are not settled immediately.

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Clearing is process of exchanging payment instructions between participating banks. It is a paper based order (cheque) or electronic order (BACS or CHAPS)

Whereas, Settlement is the process of debiting and crediting funds between banks. It is bilateral or multilateral.

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Simply an accounting operation where debt is transferred from one side to another side of the chain.

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Clearing is the process of sending out, reconciling and in some cases confirming payment orders or security transfer prior to settlement.

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Settlement is the act of transferring ‘securities and final funds’ between two parties. In simple words, clearing is the process of determining the obligations – who owes what to whom, and settlement is the process of actually fulfilling those obligations

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Communicates to counter-party in another country for international payment

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1) Authorization
2) Finality of Payment
3) Regulation against Terrorism funding