Credit Clearing Companiesloan clearing companies
This section explains how check clearing works, which clearing infrastructures are provided by the C&CCC for clearing and how the clearing houses and bausparkassen handle checks and other positions before and after the clearing and clearing processes.
Comprehend the check and credit processing processes. Check out the latest check scam stats. Explanation of the 2-4-6 and 2-6-6-6 check clearing deadlines for clients. Training of personnel in Check Redirection Service, part of CASS.
Admission to payment systems
In addition to clearing checks, the system also handles bills of exchange, home savings checks, money orders, option certificates, state payment orders and traveller's checks. The C&CCC also administers the clearing system for the clearing of credit balances of the Papierbank (so-called Credit Clearing), Eurocheques (so-called Euroclearing) and US Dollars Checks (the clearing of US Dollars Checks issued to British banks):
Check and credit clearing company mark celebrates the 350th anniversary of the check.....
2009 marks the celebration of the check's 250th anniversary with one of the first checks known to exist in the UK on 16 February 1659*. On this occasion, the Check and Credit Clearing Company, the trade organisation which administers the check clearing system in the UK, has published a paper entitled "The Great British Cheque" showing the lifetime and periods of the check.
Earlier checks were all hand-written, but in the early 1700s paper checks were first used, and by the end of the nineteenth centuries checks were widely used as the only genuine option to money. The demand for checks peaked in 1990, when an estimated 11 million checks were distributed per workday.
The volume of checks has since decreased as consumer and business customers have continued to use alternate means of paying, up to and personal credit cards, and automatic means of paying such as direct debits and standing orders. The Great British Check Report marked this landmark and looks at the story of the check, explores its place in Britain's cultural and inheritance systems, describes our passion for checks, why we use them less and less, and contains some lesser-known facts about the check:
- One of the oldest checks known to exist in Great Britain dates from 16 February 1659*. - If all the checks that went through the clearing system in 1990 (the top year of check usage) were issued continuously, they would spread 12x around the globe. - Since 1985 - when Check & Credit Clearing Company was founded - it has settled more than 44.8 billion checks worth 26,850 billion pounds.
Angela Thomas, General Manager of the Check and Credit Clearing Company, said: "It' s noteworthy to think that checks have been with us for 350 years and arrive in a year when we were a Commonwealth under Richard Cromwell the Lord Protector, and Sir Isaac Newton was still at scool. Checks did not reach their climax until 1990, but in another 50 years' time they are unlikely to be there as we make increasing use of other, more advanced, more comfortable and faster payment methods.
"Even though the clearing volume of cheques decreases by more than 10 percent each year, around 4 million posts are still settled per working working days. Scheck & Kreditverrechnungsgesellschaft will continue to work to ensure that the clearing is carried out punctually, dependably and in accordance with our highest service standards".