One-day cheque clearing to be introduced

The above initiative will reduce the waiting period to one weekday. The Cheque and Credit Clearing Company (C&CCC) is launching an image-based cheque clearing system that will speed up cheque processing significantly, and which will go live in some banks and building societies on this date, with all banks and building societies expected to be using the new system by the second half of 2018.

The system will mean that if a cheque is paid in on a weekday, the recipient will be able to withdraw the funds by 23.59 on the next weekday (excluding bank holidays) at the latest. C&CCC expects many banks and building societies to allow customers to access their funds earlier than this.The new process will also mean that when a cheque is paid in, the money will leave the account of the person or business that wrote the cheque to the faster timescale too.

source ukfundraising 30.03.17