Abstract: A system for exchanging and valuing points or rewards from a plurality of loyalty programs using a “settlement point” in a clearinghouse to settle, convert, credit and debit points between accounts regardless of the type of goods or services. The points are underwritten using assets and guarantees held by a custodian, relying on actuarial estimates of redemption. The points are also used as assets for securities, thereby facilitating the valuing and liquidity of the settlement points, or as assets to secure financial or insurance services.