Consultation on modernising cheque payments launched

The Government has introduced a consultation on suggestions  to use ‘cheque imaging’ in Great Britain, which permits banks to accept certified digital images of cheques, in addition to traditional paper cheques. According to HM Treasury, if adopted, this payment method would cut short the time it takes for a cheque to clear to as little as two days, increase convenience for consumers and broaden payment options. The consultation closes on 7th April 2014.
Read more about the proposals at:
https://www.gov.uk/government/news/cheque-payments-to-become-quicker-and-easier
The consultation documents are available at:
https://www.gov.uk/government/consultations/speeding-up-cheque-payments-legislating-for-cheque-imaging

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