The Payments Council yesterday (12 July 2011) announced the cancellation of the 2018 deadline for the abolition of cheques. This reprieve came after increased pressure from sectors representing the clubs, charities and other organisations which rely on cheques saw the instigation of a Commons Treasury Select Committee inquiry which questioned the proposal to abolish cheques by 2018 in June.
The Payments Council announced that cheques would continue for as long as customers need them and the target for the possible closure of cheque clearing in 2018 has been cancelled.
Richard North, the Chairman of the Payments Council said:
"It's in the DNA of the Payments Council to consult and listen to all those people who actually make payments and use cheques. Listening to over 600 stakeholder groups, working with the banks and following our appearance before the Treasury Select Committee, we have concluded we should reassure customers that the cheque is staying.
“Over the last two years we have learnt a great deal about what is important to our many stakeholders and we are really grateful to all of those groups and individuals who took the time to talk to us and help us reach this decision. We will use what we’ve learnt to keep improving existing systems, as well as introducing innovation, so that customers benefit from 21st century ways to pay. Innovation must be at the heart of what we do.”
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