WHAT IS CHEQUE IMAGING
Almost half a billion cheques were written in 2019, so it is vital that the UK’s cheque clearing process is robust, reliable and secure. To ensure that the future of the cheque is protected for as long as customers want to use them, the Cheque and Credit Clearing Company (C&CCC) has introduced a new and quicker way of clearing cheques with cheque imaging
Known as the Image Clearing System (ICS), the new method has revolutionised how cheques are processed in the UK. It means that cheques are cleared using a digital image of the cheque, avoiding the requirement to transport the actual documents to a central clearing facility.
A result of the ICS launch is faster cheque clearing, meaning cheque recipients will see the money appear in their account quicker. Customers will still write paper cheques and give them to the recipient as they always have done. The ICS provides more choice and it means that corporate organisations, banks and building societies can use technology from Solchar to simplify, streamline and augment their existing payment processes.