The Payments Council in the UK has reversed its decision to make the cheque obsolete. It has announced that the target for possible closure of the cheque clearing in 2018 has been cancelled and that cheques will continue for as long as customers need them. The Payments Council Board will continue to focus on security, efficiency and encouraging innovation in all types of payments.
Richard North, 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. Innovation must be at the heart of what we do,” he added.
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