The Cheque and Credit Clearing Company (C&CCC) has selected VocaLink and BancTec to run the infrastructure for UK’s new image-based cheque clearing system.
VocaLink will be responsible for running the central infrastructure for the new system. The company already operates the Faster Payments scheme, BACS, Link, Paym and Pay by Bank app mobile payments systems, as well as the current account switching service in the UK.
VocaLink deputy CEO Paul Stoddart said: “This new service brings cheques into the digital age, creating efficiency in the industry and giving consumers and businesses quicker access to their money.”
BancTec will deliver archiving and case Management solutions to support the central infrastructure.
Earlier this month, C&CCC unveiled plans to launch a new image-based cheque clearing system to accelerate processing for customers. The system will be initially implemented by some banks and building societies in the UK from 30 October 2017, with a nationwide rollout anticipated in the second half of 2018.