The HM Treasury has published the outcome of its consultation on the case for cheque imaging and the key legislative changes that are considered necessary to support its introduction in the UK. According to the consultation outcome, cheque imaging enables a wide range of benefits to consumers, businesses and the banking industry, including faster clearing times and greater customer convenience. The government is now introducing legislation in the Small Business, Enterprise and Employment Bill to enable the introduction of cheque imaging.
What this means for you
The outcome should be read by those with an interest in cheques and the operation of the cheque payment system. This includes banks, building societies and other payment service providers, businesses, trade bodies and consumer groups. Relevant parties may also be interested in the related Impact Assessments produced by HM Treasury and the Regulatory Policy Committee.