Payments News

Systems

UK begins roll out of cheque imaging

“The UK is beginning the phased roll out an image-based cheque clearing system that will slash processing times from six ‘weekdays’ to one day and pave the way for the introduction of interbank mobile cheque deposits. Although cheque usage is in decline, 477 million were written in 2016. Previous attempts to abolish cheques caused political uproar and howls of protest from consumer groups and charities which still rely on paper-based donations.”