"Master account": A bank account used in cash concentration to fund zero balance accounts automatically. More specifically an account in a cash pooling structure used to fund zero/target/threshold balance accounts automatically or concentrate funds from participating accounts automatically. The master account may be interest-bearing. The process used by market participants before settlement of a transaction to ensure that they agree with respect to the terms of the transaction. This is usually done by matching transaction confirmations sent to a counterparty with those received from that counterparty. A master account is also known as central account or concentration account.