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NatWest is a member of the Cheque and Credit Clearing Company, Bankers' Automated Clearing Services, the Clearing House Automated Payment System and the LINK Interchange Network. The bank is authorised by the Prudential Regulation Authority and regulated by both the Financial Conduct Authority and the Prudential Regulation Authority. [ 85 ]
The Cheque and Credit Clearing Company Limited (C&CCC) is a UK membership-based industry body whose 11 members are the UK clearing banks.The company has managed the cheque clearing system in England and Wales since 1985, in all of Great Britain since 1996 when it took over responsibility for managing the Scottish cheque clearing as well, and in the whole of the United Kingdom since the ...
National Westminster Bank Ltd v Barclays Bank International Ltd [1975] 1 QB 654 (17 June 1974) is a decision of the High Court relating to the duty of care of a bank in relation to forged cheques with respect to persons other than their customer.
Cheque clearing (or check clearing in American English) or bank clearance is the process of moving cash (or its equivalent) from the bank on which a cheque is drawn to the bank in which it was deposited, usually accompanied by the movement of the cheque to the paying bank, either in the traditional physical paper form or digitally under a cheque truncation system.
Robert Goff J noted that a bank which pays a cheque drawn or purportedly drawn by a customer without a mandate is paying without mandate, and cannot debit the customer's account. In such cases, the bank has paid out its own money. However, the bank is entitled to recover the mistaken payment unless the payee has changed his position in good faith.
The Electronics Sub-Committee of the Committee of London Clearing Bankers was formed in the late 1950s to consider the automation of cheque-clearing.The committee set up a New Services Working Party in 1965 to examine the possibility of exchanging data between banks without using paper – specifically, the automated exchange of standing order credits.
Although slightly anachronistic, the rationale appears to be that the customer of the bank should not be at risk of the bank combining a short-term current account on which the customer writes cheques for daily expenses with a long-term loan account which is not due for repayment until some future time.
The app allowed customers to save money in a linked non-interest paying savings account and offered tools to help customers better manage their money. It allowed payments in and out using the faster payments system. The account did not support direct debits or standing orders and customers were not able to pay in cash or cheques. [14]