Image is everything for VocaLink and UK’s new cheque tech
The cheque’s not in the post
VocaLink and BancTec, a part of SourceHOV, a provider of enterprise information management (EIM) and transaction processing solutions, will build the UK’s new image-based cheque clearing system.
As Banking Technology reported this month, the Cheque and Credit Clearing Company (C&CCC) launched the industry-wide system to speed up processing for customers across the country.
Paul Stoddart, deputy CEO of VocaLink, says the new service “brings cheques into the digital age”.
VocaLink will run the central infrastructure behind the system that goes live from 30 October 2017. It has previously implemented its Immediate Payments Software (IPS) technology in Singapore, Thailand; and will also be live in the US later this year.
BancTec will provide Plexus Archive and Case Management, part of the SourceHOV EIM platform, BoxOffice, to support the central infrastructure.
The system will enable cheques to be cleared by the end of the next working day. Customers will still be able to pay in cheques in the traditional manner at their bank or ATM.
VocaLink already operates the infrastructure for the UK’s Faster Payments system, BACS, Link, Paym and Pay by Bank app mobile payments systems, along with the UK’s current account switching service.
Globally, SourceHOV processes about 68 million payment transactions daily.
