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 a bank or building society, a public authority or publicly guaranteed undertaking;
- have an appropriate settlement account at each relevant settlement service provider for the relevant currency;
- carry out business and operate an office within the EEA;
- 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;
- have the ability to comply on a continuous basis with the technical and operational requirements of each clearing system in which it participates;
- pay the membership charges;
- sign legal agreements in respect of membership and of the settlement arrangements;
- have a minimum credit rating of: (a) a prime short-term credit rating of A-3 or higher by S&P, F-3 or higher by Fitch and P-3 or higher by Moody's; and (b) an investment grade long-term credit rating of BBB- or higher by S&P, BBB- or higher by Fitch and Baa3 or higher by Moody's.
- 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, building societies and other payment service providers have access to 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.