Eligibility

Direct Access to the Cheque and Credit Clearing System

To be eligible to become and remain a settlement member of the Cheque and Credit Clearing System, an entity must fulfil a number of criteria. It must be:

  1. be a bank or building society, a public authority or publicly guaranteed undertaking;
  2. have an appropriate settlement account at each relevant settlement service provider for the relevant currency;
  3. carry out business and operate an office within the EEA;
  4. provide a cheque and/or credit clearing service (for sterling cheques and/or sterling credits and/or euro cheques) to its customers through the clearing systems operated by the Cheque and Credit Clearing Company;
  5. have the ability to comply on a continuous basis with the technical and operational requirements of each clearing system in which it participates;
  6. pay the membership charges;
  7. sign legal agreements in respect of membership and of the settlement arrangements;
  8. meet the criteria for financial strength and stability to enter into the settlement agreements; and
  9. become a shareholder of the Cheque and Credit Clearing Company Ltd.

An entity may apply to participate in one or more of the Cheque System, the Credit System and the Debit (Euro) System. The Company welcomes enquiries about membership of the clearing system.

Indirect Access to the Cheque and Credit Clearing System

Some 400 banks and building societies have access the GB cheque clearings through agency arrangements with one of the settlement members. An entity wishing to become an "indirect clearer" makes the necessary contractual arrangements directly with the member concerned. The Cheque and Credit Clearing Company does not get involved with these commercial arrangements.