The Cheque and Credit Clearing Company (C&CCC), which supports the paper clearing system for cheques and credits as well as the Image Clearing System, has appointed Alan McDonald as its first General Manager.
Alan previously held the roles of Managing Director and Director of Planning, Finance and Risk within the C&CCC. He has been with the organisation since April 2017. Immediately prior to that he worked in interim finance leadership positions with Tesco Bank and Clydesdale Yorkshire Banking Group delivering operational and efficiency improvement.
Alan’s appointment follows recent industry-wide changes as operational responsibility for the C&CCC transferred to the New Payment System Operator (NPSO) earlier this month. This was part of a planned consolidation of the UK’s three retail payment schemes that has seen Bacs Payment Schemes Limited, Faster Payments Scheme Limited, the Cheque & Credit Clearing Company Limited and UK Payments Administration Limited become wholly-owned subsidiaries of the NPSO. The NPSO is the organisation that maintains and develops the payment systems and standards which are the lifeblood of the UK economy, and works in the public interest to ensure that these systems are safe, open, innovative and resilient.
Alan McDonald, General Manager of the Cheque and Credit Clearing Company, said: “I am delighted to take on this new role as part of the NPSO at such an exciting time for the cheque and for the payments industry as a whole. The cheque continues to be a vital payment method for older people, small businesses and many charities and, with the introduction of cheque imaging, the future of the cheque has been secured for many years to come.”
Last year, 405 million cheques were written in the UK showing that the cheque is still a valued payment method in particular situations and for certain groups of people. In addition, the introduction of the Image Clearing System in the UK – which allows cheques to be processed electronically and significantly speeds up the time it takes for them to clear – has brought the cheque firmly into the 21st century. The new system was launched as a phased roll-out on 30th October 2017. As banks and building societies connect their various deposit channels into this new clearing infrastructure, it enables them to exchange images of cheques electronically for clearing and payment, significantly speeding up the clearing process.