30 October 2017
Roll-out of faster cheque clearing begins
We are pleased to announce today, alongside Exela Technologies, that our new image-based cheque clearing system, built on behalf of the Payment System Operator, Cheque and Credit Clearing Company (C&CCC), has launched.
The Image Clearing System (ICS) will enable the processing of cheques in the UK to speed up to the end of the next weekday, allowing customers to access their funds more quickly and with certainty that the cheque won’t bounce.
It will be rolled-out in a phased approach, with very low volumes initially but this will gradually build as increasing numbers of cheques are cleared via the new, image-based system to the faster timescale. The phased roll-out will conclude in the summer of 2018.
Following the build, announced earlier this year, Vocalink will now take on the role of outsourced supplier of the central infrastructure behind the new system and Exela will provide Plexus Archive and Case Management, part of the BoxOffice platform, to support the central infrastructure.
As we move towards an increasingly digital economy, this is an important step delivered by the C&CCC, that will create a robust, resilient and more efficient, cheque clearing system in the UK.
Paul Stoddart, CEO of Vocalink, a Mastercard Company commented:
“We are delighted to be a part of delivering this new service for the C&CCC. The ICS will add another important dimension to the suite of payments services we have been trusted to deliver for the UK for decades, including Faster Payments, Bacs and LINK ATM, all of which rely on Vocalink to power their infrastructure.
I am particularly pleased that as a part of the ICS we have been able to deploy our most advanced ISO20022 real-time payment platform, which has underpinned our international expansion, for the UK financial services sector. Together, we are redrawing the payments landscape, providing greater choice to people, businesses and governments.”
Ron Cogburn, Chief Executive Officer of Exela added:
“The ICS initiative in the UK is a great opportunity to highlight the partnership that we have built with Vocalink and demonstrate the technology-enabled capabilities of Exela Technologies. We are excited to continue driving digital transformation and enhancing client satisfaction with Vocalink.”
James Radford, Chief Executive Officer of the Cheque and Credit Clearing Company, said:
”Introduction of the Image Clearing System in the UK brings the cheque firmly into the 21st century, safeguarding its use for the millions of people that rely on it as a trusted and reliable payment method.
“The new system means that cheque recipients will be able to access the funds from the cheques they pay in faster than ever before, which is fantastic news for the individual consumers, businesses and charities who wrote nearly half a billion cheques last year.”