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UK banks can now clear cheques in a day
Although the future of payments is digital, thanks to contactless and mobile, physical methods like cheques are still remarkably popular. For years, recipients have needed to wait up to five days for their signed piece of paper to clear, but that's all about to change. Thanks to a new image-based processing system implemented by the Cheque and Credit Clearing Company, cheques can now be cleared in a day.
UK banks finally learn how to clear cheques in a day
Despite a huge rise in online and contactless payments, cheques are still ridiculously popular. In 2016 alone, Brits sent over 477 million of them, making their recipients wait up to five days to get their hands on the money. For decades, the Cheque and Credit Clearing Company has facilitated this delay by requiring banks to send them to a clearing centre -- which involves a system of checking, verifying and transportation around the country -- but that wait will soon be reduced to one day under new rules unveiled today.
