The UK’s Cheque and Credit Clearing Company (C&CCC) is gearing up to launch an industry-wide image-based cheque clearing system. A phased roll-out will begin with some banks and building societies in October, with cheque clearing time set to be reduced from six weekdays to next weekday. In the second half of 2018, all of the UK’s banks and building societies will be onboard, by which point all cheques will clear more quickly, although the precise date as to when this will happen has yet to be revealed.

Some banks have already rolled out imaging technology for certain customers, but only for those situations where they receive a cheque from another customer of the same bank. James Radford, CEO at the Cheque and Credit Clearing Company, says: “These changes will put cheques firmly in the 21st century, delivering real and important benefits for the many individuals, charities and businesses that regularly use cheques. Not only will cheques clear faster but banks and building societies may offer their customers the option of paying in an image of a cheque rather than the paper cheque itself.”

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by Scott Thompson
Scott is Senior Editor at IBS Intelligence. You can follow him on Twitter and contact him at: