Nov 03
2010
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Enough of the cheques alreadyPosted by dbedell in United Kingdom, low-value payments, Ireland, cheque, check, Cash, BIS, Bank for International Settlements |
A recent decision by the UK’s Payments Council to stop clearing cheques by 2018—and its subsequent challenge by a UK member of parliament—brings to my mind the current state of the business payments market in the US, the country’s continued reliance on cheques, and the inefficiency of cheques as a mechanism for business payments.
UK MP David Ward argued that the decision to stop clearing cheques should be made by an independent body—rather than the bank-led Payments Council—and should be accountable to Parliament.