At the recent The Future of Charity Payments seminar, representatives from leading charities such as Great Ormond Street Hospital and Tearfund were told that the cheque is far from dead as method payment.
A number of experts from the payments industry said at the event, hosted by The TALL Group of Companies, SmartDebit and iATS Payments, that cheques are about to get a new lease of life with the introduction of image-based cheque clearing.
Before image-based cheque clearing method can be launched, it required a legislative change – which was incorporated into the Small Business, Enterprise and Employment Bill. The Bill received Royal Assent at the end of March, and the legislation becomes active on 31st July, 2016, after which the imaging method can be introduced.
Once fully launched and adopted banks will have to clear cheques on the image and data files alone. After that no further paper cheques will be exchanged between banks in achieving the clearing process.
“Cheques are still important and they are here to stay, however we need to make them more efficient and sustainable for the future and cheque imaging will do this. Our market research found that 86% of charities say that cheques are important to them and cheque imaging will mean that cheque usage is protected,” said Fiona Gledhill, Project Manager from the Cheque & Credit Clearing Company (C&CC)
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