In 2018, 346 million cheques were used for payments and to acquire cash across the UK, totaling a value of £442 billion. Of these –
- 235 million cheques were cleared in Great Britain through the paper clearing system and 19 million cheques were cleared through the UK-wide ICS; both these systems being managed by the Cheque and Credit Clearing Company.
- 81 million cheques were processed within the banks themselves in Britain.
- 11 million cheques were cleared in Northern Ireland either by the Belfast Bankers’ Clearing Company or within the banks themselves.
Serving a range of people, businesses and charities, Pay.UK, through the Cheque and Credit Clearing Company (C&CCC) and the Belfast Bankers’ Clearing Company (BBCCL), supports the UK economy and wider society.
Cheques continue to play an important and highly-valued role in the payments landscape. For example, cheques are seen as a convenient way to pay tradespeople and manage cash flow, and are a popular way to pay utility bills, clubs and societies. Our research, carried out in the spring of 2018, found that nearly all UK charities (96%) and eight out of ten (86%) of UK businesses either received or made payments by cheque in the previous 12 months.
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 2018, around 13.6 million credits were cleared by the Cheque and Credit Clearing Company, worth about £8.5 billion.