Jeremy Suddards, Vice President and General Manager of the Financial Services Industry at Hewlett Packard Enterprise
Across every industry, processes are increasingly becoming digitised in an attempt to make them more efficient and cost effective, and in 2016 the effect of this couldn’t be more apparent than with the changes to the cheque clearing services. Following the introduction of HM Treasury’s Future Clearing Model, which requires all cheques to be processed digitally by 2017, the entire banking industry must ensure they are prepared for this and overhaul their processes.
Achieving this isn’t straightforward though. Transforming a cheque clearing service from the traditional paper based method to one which is completely digital requires significant technological changes. It’s for this reason that RBS, the UK’s largest bank, selected Hewlett Packard Enterprise to complete this project on their behalf.
Working closely with them, we will deliver a stable, secure and future-proofed digitised cheque clearing service which will centre on the creation of the new image-based solution. The service will also safely comply with the regulatory changes currently planned and meet the 2017 implementation timescale, while at the same time ensuring customer service is not impacted.
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For any bank, timely and accurate cheque clearing is a vital core function and by delivering this digital transformation programme, we will successfully protect RBS’ position as the largest cheque clearer of sterling payments globally.