Disclosed is an electronic clearing system which electronically processes and clears a valuable instrument including a substrate and prescribed information printed on the substrate. The system has: an electronic clearing server; a payor's bank terminal which is installed in a payor's bank, and originally issues the valuable instrument; a payee's bank terminal which is installed in a payee's bank and to which the valuable instrument is presented; and an electronic network which electronically connects the electronic clearing server with each of the payor's bank terminal and the payee's bank terminal. In this system: the valuable instrument further includes code information printed on the substrate, the code information being obtained by converting substrate identification information, which differentiates each substrate from other substrates, into a specific format; the payor's bank terminal transmits the substrate identification information and the code information to the electronic clearing server; the electronic clearing server manages the substrate identification information and the code information with the substrate identification information and the code information associated with each other; the payee's bank terminal obtains the substrate identification information and the code information from the valuable instrument presented to the payee's bank, and transmits the substrate identification information and the code information to the electronic clearing server; and the electronic clearing server determines whether the valuable instrument presented to the payee's bank terminal is valid by comparing the substrate identification information and the code information as managed by the electronic clearing server, with the substrate identification information and the code information as transmitted from the payee's bank terminal.