The Cheque and Credit Clearing Company has announced the launch of the Image Clearing System (ICS). The ICS enables images of cheques to be exchanged between banks and building societies, with the aim of allowing cheques to clear more quickly than they have done previously. Cheques processed via the new system will mean that if a customer pays in a cheque on a weekday they will be able to withdraw the funds by 23.59 on the next weekday (excluding bank holidays) at the latest, with many banks and building societies likely to allow access to the funds earlier than this.

The Cheque and Credit Clearing Company also notes that at some stage in summer 2018, all cheques will be cleared using the image-based system. The precise date for this change will be announced by the industry in due course. Until that date, image-based clearing will operate in parallel with the existing paper-based system.

View Cheque and Credit Clearing Company launches check image clearing system, 30 October 2017