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

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Cheque and Credit Clearing CompanyThe Cheque and Credit Clearing Company isa membership-based industry body, which hasmanaged the cheque clearing system in GreatBritain for 24 years. The system is also used to processbankers' drafts, building society cheques, postalorders, warrants and government payable orders.The company also manages the systems for clearingpaper bank giro credits and euro cheques.The Cheque and Credit Clearing Company remainscommitted to maintaining the integrity of theclearing systems to ensure that all the clearingshappen on time, reliably and to quality standards.The role of the company is to:• Provide and run the exchange centres in England andScotland where the members exchange their cheques andpaper credits;• Provide the Inter-Bank Data Exchange (IBDE) networkacross which the banks transmit electronic details aboutthe cheques;• Calculate the net amounts members must settle with eachother based on the value of the cheques and creditsexchanged and advise the amounts to the settlementservice provider;30The Great British Cheque Report
• Determine the rules required to maintain the integrity of theclearing systems to ensure that the central clearing processhappens on time, reliably and to quality standards;• Ensure that participating members comply with thesystem rules.The company establishes the criteria for membership of theclearing systems; these criteria must be objective, fair and open.requires that all cheques for use in the GB clearing areproduced by accredited printers who have adopted stringentsecurity standards.The clearing of cheque and credit payments in NorthernIreland is managed by the Belfast Bankers Clearing Company.The company also manages the Cheque Printer AccreditationScheme (CPAS). This scheme was introduced in 1995 with theaim of tackling fraud involving company cheques. The schemeThe Great British Cheque Report 31
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
Page 19 and 20: The cheque has also played a big pa
Page 21 and 22: Cheques out at the checkoutThe shar
Page 23 and 24: Credit card bill payments2001 2004
Page 25 and 26: RegionPercentage of adultsregularly
Page 27 and 28: 8 Euro cheques in the UK2009 marks
Page 29 and 30: 9 International cheque usageCheque
Page 31: 0.80.60.40.20.020082009201020112012

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