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How the U.K.’s new imaging technology will speed check clearing

Payments Source

s payments systems, the new Image Clearing System is in the process of being phased in. As part of the modernization of the U.K.’s All banks and building societies across the U.K. are connecting their various deposit channels into the central infrastructure, a process which will be completed by the end of 2018.

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Grasshopper CEO previews faster check clearance

Bank Automation

Digital Grasshopper Bank will roll out an improved check-clearing process this year to streamline the time between depositing a check and gaining access to the funds.

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Fed Moves Ahead With FedNow Despite Objections

PYMNTS

Not everyone favors the Federal Reserve Board’s launch of its settlement service designed to eliminate the three-day check clearing and support instant payments in the U.S.

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How Banks Use APIs To Forge Stronger Client Bonds

PYMNTS

Paper-based tax payments create frictions because payers cannot receive stamp duty certificates until their checks clear, but digital payments allow for instant receipt. Making Money Move.

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How The FedNow Service Could Keep Checks In B2B Payments

PYMNTS

On the other hand, some businesses continue to use paper checks because they rely on that lag time to hold on to working capital longer while ensuring their vendors that “the check is in the mail.”.

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Graduating To Faster Payments

PYMNTS

Paper checks are a costly time-suck, and the entire world is over it (except, presumably, check printers and the USPS). As “instant” educates the educated, families will have less to worry about when the kids go off to college (“did the tuition check clear yet?”).

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Don’t Write Off The Paper Check Just Yet

PYMNTS

Superior Press’ buyback program not only highlights banks’ and corporates’ need for better RDC tools, but also emphasizes the endurance of paper checks at a time when most FinTechs are focusing on other payment rails.