The Ancient Cheque Will Soon Clear in One Day

By Gary Cutlack on at

The cheque -- a bit of paper upon which you write a promise to have your bank send someone money and, somehow, it happens after about a week -- is about to be updated for the modern need-everything-now generation, with the funds soon to start clearing and appearing in the recipient's bank account within one day.

It's all thanks to digital things, with the banks about to start swapping digital photographs of cheques with each other rather than relying on putting the actual pieces of paper in the post, taking the clearing process down from requiring a whole week's worth of working days to just one.

There is a group of people called the Cheque and Credit Clearing Company in charge of it all, and it says that some banks might have all they need in place to start jazzing up the old cheque by the end of October, with all banks and building societies bound to have the new turbo clearing system in place by the end of 2018. Nothing ever happens quickly in the world of the cheque. [Sky News]

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