New technology set to be introduced later this year will allow cheques paid into bank accounts to be cleared within one working day. The Cheque and Credit Clearing Company – the organisation that manages the cheque-clearing system – has suggested that a new image clearing system will ‘revolutionise how cheques are cleared in the UK’.
Instead of the current paper-based system, a digital image of the cheque will be used instead. This should significantly speed up the process. The changes will be phased in from October 2017, with all UK banks and building societies able to offer the new service by the second half of 2018.