The National Settlement Service is a multilateral settlement service owned and operated by the Federal Reserve Banks. The service is offered to depository institutions with Federal Reserve Bank master accounts that settle for participants in clearinghouses, financial exchanges and other clearing and settlement arrangements. The settlement agent, acting on behalf of the depository institutions that settle for participants in a settlement arrangement, electronically submits to the processing Federal Reserve Bank settlement files that list the debit and credit entries to be made to the depository institutions’ master account. Settlement files are processed upon receipt. Settlers benefit because the credits to their master accounts are final and irrevocable.