30 March 2017
Faster image-based cheque clearing imminent
Alongside BancTec, we are pleased to announce that we have been selected by the Cheque and Credit Clearing Company (C&CCC) to build and run the infrastructure for an industry-wide image-based cheque clearing system that will significantly reduce the number of days taken to clear cheques in the UK.
We will run the central infrastructure behind the new system that will go live from 30 October 2017. BancTec will provide Plexus Archive and Case Management, part of the SourceHOV EIM platform, BoxOffice, to support the central infrastructure. The system will enable cheques to be cleared by the end of the next working day, allowing customers to access their funds quickly and securely.
This latest mandate reaffirms our position as the leading operator and technological partner driving the digitisation of payments in the UK. We already operate the infrastructure for the UK’s Faster Payments system, BACS, Link, Paym and Pay by Bank app mobile payments systems, along with the UK’s current account switching service. Globally, SourceHOV processes approximately 68 million payment transactions daily and BancTec has strong heritage in the cheque and transaction processing business, providing services and solutions to major financial institutions.
As we move towards an increasingly digital economy, this is an important step that will create a more efficient cheque clearing system in the UK. The C&CCC, which processed £400 billion of cheque payments in Britain last year, with an average value per item of £1,161, will deliver a service that will provide clear added benefits for consumers and businesses, empowering them with greater choice and better cashflow.
Customers will still be able to pay in cheques in the traditional manner at their bank or ATM, but will benefit from the new image-based, faster service.
Paul Stoddart, Deputy CEO of VocaLink, commented:
“This new service brings cheques into the digital age, creating efficiency in the industry and giving consumers and businesses quicker access to their money. VocaLink has implemented its IPS technology in Singapore, Thailand and will be live in the US later this year. We are now delighted to be bringing this technology to the UK for C&CCC. Technology is transforming the way people pay and get paid, and VocaLink is committed to enabling growth in electronic payments and offering greater choice to people, businesses and governments.”
Mark Fairchild, President of SourceHOV, added:
“We are proud to partner with VocaLink to deliver services that enable rapid payments and funds availability to the public and business communities. With our technology-enabled FinTech services, we are able to evolve with the industry and help improve overall user experience.”