The BBCCL oversees the Northern Ireland banks' processes for the clearing of sterling cheques and sterling paper credits in Northern Ireland, together with the clearing of euro cheques drawn on Northern Ireland banks.
Membership of the BBCCL comprises the four Northern Ireland clearing banks, each of which appoints a director who, along with three independent directors, make the decisions on behalf of the company.
The role of the company is to:
- Maintain the integrity of these clearing arrangements and ensure the system is efficient and effective;
- Maintain the clearing rules and regulations;
- Determine fair, open and transparent eligibility criteria for admission to membership of the scheme; and
- Ensure that members comply with the rules and the obligations which membership entails.
The BBCCL works closely with the Cheque and Credit Clearing Company (C&CCC) to ensure that customers receive a consistent level of cheque clearing service regardless of where they are based in the UK. This includes working together on the C&CCC’s current project to revolutionise how cheques are cleared in the UK. The new ‘Image Clearing System’ (ICS), where digital images of cheques will be exchanged and cleared, will bring cheque clearing in the UK firmly into the 21st century.