Cash Settlement is a daily automated process of settling cash credit and debit amounts between members and FICC. To provide this service, FICC employs the Federal Reserve Bank’s National Settlement Service (NSS) to debit and credit net settlement obligations at the settling bank level of MBSD members*. FICC calculates all the COIs at the aggregate level. The individual debits and credits of all members using the same settling bank are totaled. Once the net debits / credits are approved at the bank level**, the Fed debits and / or credits each bank. The banks then debit and/or credit the MBSD members’ accounts for which they settle.