The New York Clearing House Association created in 1853, is the first and largest U.S. bank clearing house and has helped the banking system in America’s financial capital to develop. Initially, it simplified 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, it has used technology to meet the demands of an increasingly complex banking system.