06/11/2017
New high-speed ‘cheque image clearing system’ commences roll-out (UK)
All cheques will be cleared by the end of the working day after they have been paid in, when the phased introduction of a new clearing system that allows banks and building societies to exchange images of cheques rather than physically shift the cheques around the country – a process that extends clearance to 6 working days – is completed in the second half of 2018.
HM Treasury is seeking views on ‘Legislation to support cheque imaging’, which focuses on proposals to ensure
- customers can receive a copy of their cheque to use as evidence of payment under an Image Clearing System (ICS), rather than the original cheque they would have received under the existing system
- compensation is available as a ‘back-stop’ in the event of a customer losing money in connection with an ICS
Since 30 October some banks and building societies are already phasing in the new ‘Cheque imaging’ system, which will be completed on a date to be announced by the banking industry. Individual banks and building societies will also notify their customers of their individual plans for rolling out the system – eg ‘Mobile Cheque Imaging’.
Fact sheets and an infographic detailing how the new system works are among the information developed by ‘Cheque & Credit Clearing Company’, the non-profit, industry-funded organisation that manages the UK cheque clearing system.
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