Access Bank have joined the UK’s new Image Clearing System which allows them to manage cheque clearing digitally. The bank is now able to use technology to make payments much more quickly in the future.
This change was enabled by Peter Axelson and Rich O’Reilly who won the agreement of the bank to design and implement a purpose built Solchar TJ system. The solution is managing all aspects of the cheques clearing journey, from scanning the documents all the way through to presentment into the new clearing switch. Importantly, this includes the management and transfer of encoded messages that accompany the digital files and images throughout the process. We have a unique understanding of how these technologies operate and our experience of the necessary system architecture and build requirements is market leading.
Congratulations to Peter and the team who now have two banks relying on our capabilities to manage the complete end-to-end clearing process for them.
The Access Bank UK Limited has today (30th July 2018) become a full participant of the Cheque and Credit Clearing Company’s Image Clearing System, bringing the total number of participants in the ICS to 18.
The Access Bank UK Limited is a wholly-owned subsidiary of Access Bank Plc, and the UK plays a key role in the group’s vision to be the world’s most respected African bank. Central to this aspiration is the organisation’s focus on service and commitment, to build long-term relationships with its business and consumer customers.
The Image Clearing System was launched in the UK as a phased roll-out on 30th October 2017. As banks and building societies connect their various deposit channels into this new clearing infrastructure, it enables them to exchange images of cheques electronically for clearing and payment, significantly speeding up the clearing process.
Alan McDonald, General Manager of the Cheque and Credit Clearing Company, said:
“It is great news that The Access Bank UK has become a participant in the Image Clearing System. Simplifying the payments marketplace and reducing barriers to entry is one of our key business objectives, so we are pleased that our participant numbers continue to increase through opening up access to cheques for banks, building societies and non-bank payment service providers alike.”
Hague Software Solutions is in a great position to advise your customers how they too can benefit from this new technology; speak to Farrell for more information.