Why are credit clearing volumes falling so rapidly?
90% of the items going through the credit clearing are for bill payments and customers are moving to more modern, more convenient and quicker ways to pay their bills such as Direct Debit, automated payments (internet and telephone banking), and debit and credit cards. Very often billers incentivise customers to move to other payment methods. Also as volumes of cheques are declining, so there is less use of BGCs to pay cheques into bank accounts. Cheque clearing volumes are currently declining at roughly the same rate.