The C&CCC – the organisation that manages the cheque clearing system – has announced the details of the launch of an industry-wide image-based cheque clearing system that will speed up cheque processing significantly for customers across the UK.
Although cheque usage is in decline, 477 million were written in 2016.
For customers, the new system will mean that if they pay in a cheque on a weekday they will be able to withdraw the funds by 23.59 on the next weekday (excluding bank holidays) at the latest, with many banks and building societies likely to allow customers to access their funds earlier than this.
Cheque imaging is also about providing more choice, and it means that some banks and building societies may offer their customers the additional option of paying-in an image of the cheque – by using a secure mobile banking app on their smartphone or tablet – rather than having to go to a bank to pay it in.
