Electronic cheque plans find favour with HoK

Wednesday, 7 December 2016 00:00

Electronic cheques could be introduced into the Island's banking system by October next year.

That's the message from Treasury which is pushing new legislation through the House of Keys.

Yesterday Middle MHK Bill Shimmins gained support for the second reading of the new Bills for Exchange bill:

The legislation mirrors UK laws which allow banking systems to process a scanned image of a cheque, or paper based payment, rather than the original version.

Despite adding his support for the idea Douglas North MHK David Ashford raised concerns it could lead to an increase in fraud:

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