Issue 37 of the Cheque and Clearing Company newsletter was published on 28 April 2016. The newsletter covers a number of issues including the appointment of Heather Benjamin as the new Independent Director and statistics showing that cheque fraud is at its lowest ever level.
The newsletter also provides details on the new process for clearing cheques known as the Image Clearing System that is to be introduced in the future. This process will allow cheques to be cleared by the next weekday or sooner. The system will use a digital image of the cheque rather than the actual paper cheque. The Government is working on regulations to underpin the new legislation passed in the Small Business, Enterprise and Employment Act 2015 which would enable cheque imaging. Further details on the timescales applicable to this process are to be published in due course.