The Great British Cheque Report - Cheque and Credit Clearing ...

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7 Business cheque usageThe business payment landscape has beencharacterised by continued migration away fromcheques to automated methods and, to a lesserextent, to plastic cards. Business cheque transactionvolumes peaked in 1997 at 1.2 billion and fell to 709million in 2007.regular payments, and large businesses find automated creditsmore cost-effective than cheques.1.51.2Cheques continue to be popular for business-to-businesspayments, accounting for 40 per cent of all non-cash payments.When making payments to other businesses, companies of allsizes are most likely to use cheques to pay trade suppliers. Theyare least likely to use cheques when the payment arises fromregular commitments such as rent, business rates or utility bills.Direct Debits are often used by smaller businesses for theseVolume (billions)0.90.60.30.01997 1998 1999 2000 2001Business cheque volumes 1997-200720022003200420052006200724The Great British Cheque Report
8 Euro cheques in the UK2009 marks the tenth anniversary of the advent of the Britisheuro cheque clearing system, which was established tocoincide with the launch of the euro.Many people are not even aware that euro-denominatedcheques issued by UK banks exist and that they can be used topay for certain goods and services in the UK. Those banks whichoffer customers euro-denominated cheque services generally doso as part of a UK euro bank account. These cheques can only beused in the UK and when they are paid into euro bank accountsin Great Britain they are processed through the euro chequeclearing, which is managed by the Cheque and Credit ClearingCompany. The clearing of euro cheque payments in NorthernIreland is managed by the Belfast Bankers Clearing Company.Euro cheques are used mostly by businesses (the average valueof a euro cheque in 2007 was the sterling equivalent of £5,630)and the volumes are very small. In 2007, the total number of eurocheques that passed through the clearings was 531,000, whichcompares to 1.1 billion items passing through the sterling chequeclearings. Annual clearing volumes for euro cheques peaked in2003 at 729,000 and since then volumes have declined everyyear. The average daily volume of just 2,100 items passing throughthe clearing in 2007 compares to a daily average volume forsterling items of 4.4 million.The Great British Cheque Report 25
Page 1: The GreatBritish ChequeReport
Page 9 and 10: Example of an early cheque from the
Page 11 and 12: of England joined in 1864. In more
Page 13 and 14: never have been - legal tender. Eve
Page 15 and 16: The 2-4-6 timescaleDaye.g. MondayTh
Page 17 and 18: 4FactIf all the cheques that went t
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Page 21 and 22: Cheques out at the checkoutThe shar
Page 23 and 24: Credit card bill payments2001 2004
Page 25: RegionPercentage of adultsregularly
Page 29 and 30: 9 International cheque usageCheque
Page 31 and 32: 0.80.60.40.20.020082009201020112012
Page 33 and 34: • Determine the rules required to

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