Points well made, Skyman and here is a well written article which contributes to your argument ,
Travel-payment woes: E-Clear as mud | The Economist
but if it is an un-disclosed clearing bank that is holding the money, rather than the technical front-man e-clear, I think that the situation is even more complicated than currently being presented.
Is perhaps Mr Elias between a rock (spelt PwC) and a hard place ?