Faster Cheque Clearing System Has Launched
On 30 October 2017, the Cheque & Credit Clearing Company (C&CCC) introduced a new and quicker way of clearing cheques.
Called the Image Clearing System, it means that cheques can be cleared using a digital image of the cheque rather than the current paper based system. While the new system went live with some banks and building societies in October, in the second half of 2018 all of the UK’s bank and building societies will clear cheques via the image based system.
The new system has a faster timescale, whilst also providing more choice. Some banks and building societies are planning to offer customers the opportunity of paying in an image of the cheque via phone apps rather than having to go to a bank to pay in.
Please note: This article is a commentary on general principles and should not be interpreted as advice for your specific situation.