Cheque Processing and Clearing Solutions
The new Image Clearing System is here. Cheques now clear through a digital image-based cheque clearing system, which has replaced the older paper clearing process. This speeds up cheque processing significantly for all cheque users in the UK.
Cheques now clear faster
The main benefit of an image-based system is the pace at which funds are paid into customer’s accounts. Typically, if you pay a cheque on a normal weekday you will be able to withdraw funds by 23:59 on the next normal weekday – speeding up availability of funds for customers and businesses alike.
Solchar TJ from Hague, is the vehicle that enables this rapid improvement in clearing times. The system scans the cheque and converts it into an encrypted industry transmission code, which is then transferred digitally into your bank or directly into the Image Clearing System (ICS) in order to trigger payment of funds.
Businesses benefit from the technological breakthrough by:
Routes into the Clearing Market
Cheque imaging is also about providing more choice for recipients of cheques, like businesses, local authorities and charities that spend time logging, processing and banking incoming cheques every day.
Rather than taking physical cheques into the bank you can use Solchar TJ to automate the entire process digitally, from the comfort of your own office or even a remote homeworking environment, as is the ‘new norm’ in business.
A number of different options are available to transmit imaged cheque files into the banking system; explore which one best meets your own individual requirements. Click here to find out more.
At a complex level we provide the entire cheque receipt and clearing service for two of the country’s larger banks. As Direct Participants in the ICS banking system these banks use Solchar TJ software to manage cheque clearing, both into and out of the ICS Switch. Everything from the creation of digital images through to the management of transmission messages, which leads to the allocation of funds and payments, is handled by our system.
Where multiple branches or locations exist, such as building societies for example, Solchar TJ provides the infrastructure to capture cheque images in branch before electronically transmitting them to a central finance facility or head office, where they are collated and administered as a batch.
With the cheque files imaged and already converted into the recognised industry format the central finance office can easily transmit them digitally to the bank as a single batch. This networked system provides numerous cost saving efficiencies, it provides immediate visibility of branch cheque receipts centrally and delivers cheque-clearing cost savings for the organisation.
Individual customers can also access digital clearing via our in-house bureau service. Through an additional application built onto the system, you can securely transmit files of scanned cheques to our own Solchar TJ Processing Bureau. We then process the file, sending it digitally onto your bank and removing the need for you to take the cheques in yourself.
This additional service relies on your bank being able to receive digital cheque transmissions from us. The process relies on exactly the same security protocols and industry formats that apply to the whole industry in the UK, but it is more accessible and designed to help smaller scale users access faster cheque payments.
Moving to Digital Clearing – It’s the Future
Whatever clearing route you choose the other added value benefits of Solchar TJ apply;
Our industry experts have gained valuable experience in this complex market over the last 17 years – we have earned a strong reputation for making positive change happen in business environments. We will guide you through the journey to modernise your cheque and clearing processes and deliver improved efficiencies to your organisation.