UK began its phased roll-out of the new, image-based cheque clearing system on 30thOctober 2017. The idea behind this move is to expedite the cheque processing significantly for customers across the UK.
UK plans to clear all cheques issued by banks and building societies via the Image Clearing System by the summer of 2018. Until then, two clearing systems will operate in parallel. With the advent of this process, some cheques will be cleared more quickly via the Image Clearing System; while some will take the existing timescale of six weekday through the current, paper-based system. The new process ensures that not only will the money be received by the recipient faster, but will also leave the account of the person, business or charity that wrote the cheque faster.
The process remains the same at the customers’ end. Customers will still write cheques in the same fashion and give or post them to recipients in exactly the same way as they always have. Even the cheque recipients will continue to be able to pay in cheques in the normal variety o
Frequently asked questions about the new system can be read at the Cheque and Credit Clearing Company website.