The Cheque and Credit Clearing Company plays an important role in the UK payments market, facilitating the deployment of over £455 billion to the UK economy through the paper clearing process.
In the evolving payments landscape, cheques and credits remain preferred and trusted payment options among certain groups and for certain types of payment.
For example, cheques remain a convenient way to pay tradespeople, manage cash flow, and are a popular way to pay utility bills, clubs and societies. Over the past year, nearly 9 in 10 UK charities and two-thirds of UK businesses both received and made payments by cheque over a monthly period.
Serving a range of people, businesses and charities, the Cheque and Credit Clearing Company (C&CCC) and the Belfast Bankers’ Clearing Company (BBCC) support the UK economy and wider society.
In 2015, 558 million cheques were used for payments and to acquire cash across the UK. Of these, the C&CCC cleared 404 million in Great Britain (an average of 1.5 million a day), over 136 million stayed for processing within the banks in Britain and 17 million were written and processed in Northern Ireland by the BBCC.
Bank giro credits, found at the back of chequebooks, are used by customers to pay cash or cheques into their bank accounts, and to pay utility, telephone and other regular bills. In 2015, 28 million credits were cleared worth over £17.2 billion.
In terms of value, the C&CCC cleared £455 billion of cheque payments in Britain last year with an average value per item of £1,125, demonstrating that despite greater choice for consumers and businesses, cheques continue to play an important and highly-valued role in the payments landscape.