The classic cheque
The cheque is here to stay and as many as half a billion cheques were written in 2016. Yet receiving a cheque and then waiting for it to clear seems like an old hat rather than the modern digital payment.
Although cheques are in decline, and despite 477 million circulating back in 2016. Legislative changes to enable the passing of digital cheque imaging came into force in July 2016. And it marked the onset of a number of bank trials of mobile cheque deposit systems for intra-bank clearing. Under the new system, banks will be able to accept and clear cheque images drawn from their peers.
New Cheque Imaging System
The new cheque imaging system will go live on October 30th, 2017, and will enable customers to have cheques cleared into their account within one working day. The cheque imaging system means that digital images of cheques can go between banks and building societies. The cheque itself will not change and you will still be able to pay in, in the same way.
The advantage of the image-base system is that the cheque clearing process will be dramatically sped up and therefore cheques will no longer have to go back to the bank that issues them.
So, are you ready for the change? Hague and their sister company Solchar can assist in the full process and can produce, personalise and process cheques.
Whether it be the hardware to scan your cheque or the software to process it, Hague are your perfect partner when planning your strategy for the new Cheque Imaging changes.
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