The Future of Payments

5th June 2018

The Cheque and Credit Clearing Company (C&CCC) is a non-profit making industry body funded by its members. It has managed the cheque clearing system in England and Wales since 1985 and in Scotland since 1996. Since the introduction of Image-based Clearing in 2017, C&CCC has ensured that cheques and credits remain a viable, secure and efficient choice of payment for all users, by:

  • promoting innovation and competition in payment choice by driving improvements in processing, service and efficiency; and
  • provide a trusted centre of excellence for anyone with an interest in cheques or credits.


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.

remote deposit capture

Economic Secretary to the Treasury, Stephen Barclay MP said:

“Cheques still play an important role in our economy, but as times change it is vital that our methods of payment keep pace.  The innovation of cheque imaging will help make them fit for the future by cutting clearing times and helping customers access their money more quickly.”

Introduction of the new process will mean that when a cheque is cleared via the image-based system, not only will the recipient receive the money in their account more quickly; the money will leave the account of the person or business that wrote the cheque to the faster timescale too.

On May 24 2018, C&CCC released a new video talking about the Future of Payments.

The video includes employees from Bacs, Cheque and Credit Clearing Company, Faster Payments, the New Payment System Operator and UK Payments Administration talk about the future of payments in an evolving landscape.

To see the video clip, please click here.

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