Company history

Did You Know?

Cheques have been around since the 1700’s and whilst we haven’t been processing them for that long, we do have a proven track record. 

Cheque volumes peaked to a massive 4 billion, in 1990.
The Cheque and Credit Clearing Company Ltd tells us that the average number of cheques which were cleared per day in 2018 was 929,000 with an unbelievable value of £1.18 billion.
Under image clearing, iPSL processes around 60% of all UK cheques

To find out more about cheque clearing in general, please visit Cheques and Cheque Clearing.

Timeline of Activity 


iPSL was formed as a joint venture between Barclays Bank, Lloyds Banking Group and Unisys, an outsourcing and technology services company.


HSBC became a new shareholder, increasing our site numbers from seven to fourteen. Unisys remained the major shareholder with 51%.


Relationships with our clients continued to form and work was amalgamated, leading to a reduction in the number of sites from fourteen to twelve.

2003 – 2007

A challenging five years with system and industry changes. Amalgamation of work and sites continued, including a new site in Northfield, Milton Keynes.

2008 – 2010

Superior service delivered through new process efficiencies and a period for stabilisation. New work continued to come in and our sites reduced to six.


Major system infrastructure changes for Barclays and new work from the Post Office. Our sites increased to nine and with an additional 500 employees.

2012 – 2015

Migrated international cheque processing.  Over 2000 employees at the end of 2014. Started the move to Image Based In Clearing (IBIC) as the industry moved to the “Future Clearing Model”.


Continued working with our clients as we moved toward image processing.  iPSL provide this service for Lloyds and HSBC with a reduced service for Barclays.

2018 – 2019

Increase in Image cheque volume processing.  Service stabilised.  Our people supported through the changes as site consolidation led to one remaining processing site.

2020 – 2021

Adapted to new ways of working protecting both colleagues and  service.  Raymond Pettitt joined as CEO and our  journey from Good to Great started.

New client work embedded.


Good to Great continues and our Cloud and Lean Agile Operations programs are transforming key areas of our business.

Good to Great

Our journey will take us through to 2023 and beyond and will be delivered via our Medium Term Plan and six workstreams;

  • Cloud 
  • Lean Agile Operations
  • People and Culture
  • Client Relationship Management 
  • Automation 
  • Data Driven Continuous Improvement 

Please contact us if you would like to know more.

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