New cheque clearing system

A new, image-based system of clearing cheques will be rolled out by UK banks and building societies from Monday 30 October, the Federation of Small Businesses advises. The new system, which will gradually come into usage over the next year, will speed up the time taken to clear cheques from the current six weekdays timescale, to the end of the next weekday. During the second half of 2018, all of the UK’s banks and building societies will clear all cheques using the system. Businesses are advised to speak to their own bank as soon as possible to ensure that they are prepared for the changes. Click here for more information.