Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
UK will stop clearing checks by 2018
LONDON (1/7/10)--Central check clearing in the United Kingdom (UK) may become a thing of the past as of Oct. 31, 2018. The UK's Payments Council Board set the date as a target for ending check clearing, saying that check use is in a "long-term, terminal decline." Check use has declined since 1990, but has dropped 40% during the past five years, said the council, which sets strategy for UK payments. During the next nine years, the council will promote and explain existing alternatives and ensure that any required innovations and new options are in place. It noted there are "still plenty of situations where checks are used extensively," including payments between individuals and to sole traders, small businesses, clubs, charities and schools. The goal is to ensure there is no scenario by 2018 where anyone or any business needs to use a check, the council said. Its next steps are to identify targets it can measure progress against. It plans a review of its progress in 2016. At that time the council will decide whether sufficient change has occurred against agreed published criteria that would eliminate checking altogether in 2018.


RSS print
News Now LiveWire
Breaking at #NewsNow: Matz to request revised RBC proposal, new comment period http://t.co/eLtYmzXRWn
9 hours ago
#NewsNow: Oct. 22 webinar will explore role of CDFI #creditunions. http://t.co/op1GV4mrYM
12 hours ago
CFPB announces $10M fine,$27.5M restitution v. Mich.-based Flagstar Bank for allegedly illegally blocking borrowers’ attempts to save homes.
13 hours ago
#NewsNow: Proposed MLA changes could restrict CU payday alternative loans. http://t.co/eKqtyMHD0P
13 hours ago
44 #creditunion professionals earn Development Educators designation #NewsNow http://t.co/GG551ofq31
13 hours ago