NEW CHEQUE CLEARING SYSTEM
October 9th, 2017.


The Cheque and Credit Clearing Company (C&CCC), reports that nearly half a billion cheques were written in 2016 and says it’s time for banks and building societies to use a new and quicker way of clearing cheques, using 21st century technology.


Called the Image Clearing System, the proposed new method will revolutionise how cheques are cleared in the UK. It will   mean that cheques will be cleared using a digital image of the cheque rather than via the current paper-based clearing system where the actual paper cheque is transported around the country to be cleared.

The new system will go live with some banks and building societies from the 30th of October 2017. Then, at some stage in the second half of 2018, all of the UK’s banks and building societies will clear all cheques via the image-based system to the faster timescale. Over time, increasing numbers of cheques will be cleared using the new system and more and more customers will benefit from the money being in their account by the end of the next working day, rather than the current six working days.

Of course, this also means that once the cheque is paid in, the person or business who wrote the cheque will find that the money will leave their account to a faster timescale too.

Further information is available at www.chequeandcredit.co.uk