From October this year, businesses that pay cheques into their accounts will be able to get the money cleared within one working day.<\/p>\n
Cheques can currently take up to six working days to clear.<\/p>\n
The new system, announced by the Cheque and Credit Clearing Company (C&CCC), is inspired by Barclays\u2019 image scanning technology.<\/p>\n
Where cheques currently need to be physically transported between banks, the new system will scan images of the cheques which can be exchanged between banks and branches.<\/p>\n
The technology will be rolled out for several banks and building societies on 30 October 2017. C&CCC said all banks will have access to one-day clearing by 2018.<\/p>\n
Figures suggest that cheques still play an important role in business. The latest report shows that 477 million cheques were written in 2016 with the average value standing at \u00a31,125.<\/p>\n
Likewise, a study revealed that nearly nine in 10 UK charities and two-thirds of businesses both received and made payments by cheque in an average monthly period<\/p>\n
James Radford, chief executive officer of the Cheque and Credit Clearing Company, said: \u201cThese 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.<\/p>\n
\u201cNot 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.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
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