There are many mysteries in life. Where did we come from? Why do I always forget to take my bag for life to the supermarket? Why does the word lisp have an ‘s’ in it? And, in the name of all that is holy, why does it take up to six days to clear a cheque?
At least that last one is close to being answered – and solved. The Cheque and Credit Clearing Company (C&CCC), the organisation that manages the cheque clearing system, has today announced details of the launch of an industry-wide image-based cheque clearing system that will speed up cheque processing significantly for customers across the UK.
At present, cheques have to be physically transported back to the bank that issued them. While a number of banks, including Barclays and Lloyds, permit their customers to pay in cheques via pictures on their banking apps, this can only occur when the cheque is issued by the same bank.
I understand that paying in a physical piece of paper can never be as quick or efficient as an electronic transaction.
Get Britain's best politics newsletters
Register to get The Spectator's insight and opinion straight to your inbox. You can then read two free articles each week.
Already a subscriber? Log in
Comments
Join the debate for just $5 for 3 months
Be part of the conversation with other Spectator readers by getting your first three months for $5.
UNLOCK ACCESS Just $5 for 3 monthsAlready a subscriber? Log in