Are you ready for cheque imaging?

The cheque is here to stay and as many as half a billion cheques were written in 2016. Yet receiving a cheque as payment and then waiting for it to clear seems old hat compared to more modern methods of digital payment.

Although cheque usage is in decline, 477 million were written in 2016. Legislative changes to enable the passing of digital cheque imaging came into force in July 2016 and 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.

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 be exchanged between banks and building societies. The actual cheque it’s self will not change for now and it will still be paid in in the same way.

The advantage of the image-based system is that the cheque clearing process will be dramatically speeded up as cheques will no longer have to be sent back to the bank that issued 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.

Click here to contact us for more information

References:

http://www.bbc.co.uk/news/business-39351793 BBC News Story

https://www.chequeandcredit.co.uk/press-release/details-announced-introduction-faster-industry-wide-image-based-cheque-clearing-system Cheque & Credit Clearing Company Press Release