Clearing involves bringing together and reviewing two or more parties’ payment obligations, i.e. what happens up until the point at which the sum is settled by the Swedish Central Bank's RIX system.
Settlement involves a final check of the status of a liability or amount receivable. In practice, this involves the funds being transferred from one participant’s Swedish Central Bank account to another participant’s Swedish Central Bank account.
The payment is not finalised until it has been settled in RIX and this has been confirmed to BGC.