Posts Tagged ‘demise of the paper check’

The Demise of the Paper Check

Wednesday, December 16th, 2009

… in Britian anyway. Today, the board of the UK Payments Council, the body for setting payment strategy in Britain, agreed to set a target date of October 31, 2018 for winding up the check clearing system. The board is largely made up of Britain’s leading banks.

“There are many more efficient ways of making payments than by paper in the 21st century, and the time is ripe for the economy as a whole to reap the benefits of its replacement,” Paul Smee, the council chief executive, said in a statement. We couldn’t have said it better.

Most of the rest of the world has been far ahead of the US when it comes to electronic payments. This latest action is just one more example. Will the US follow? Good question.

Read the whole announcement at
http://news.yahoo.com/s/nm/20091216/lf_nm_life/us_britain_cheques