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Anyone looking to pay a cheque into the bank will soon be able to get it cleared within one working day.
Currently, this process can take up to six working days.
The organisation behind the cheque clearing system has said the new process is expected to be in working order from October 2017.
All UK banks and building societies won’t be able to implement the new system until the second half of 2018.
The new process, which is co-ordinated by the Cheque and Credit Clearing Company, means that banks will be able to clear cheques by exchanging pictures of them.
James Radford, chief executive of the Cheque and Credit Clearing Company, said: “These changes will put cheques firmly in the 21st century, delivering real and important benefits for the many individuals, charities and businesses that regularly use cheques,”
“Not only will cheques clear faster but banks and building societies may offer their customers the option of paying in an image of a cheque rather than the paper cheque itself.”
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