Cheques Will Not be Scrapped as “no viable alternative” Available

The Payments Council’s decision not to abolish cheques has been welcomed by business groups, as no viable alternative payment system has been proposed. Plans had been announced by the Payments Council 18 months ago to scrap the cheque system by October 2018, but the financial trade body has since confirmed that cheques will remain in place for “as long as customers need them” and plans to establish an alternative payment method had now been abandoned. John Walker, national chairman of the Federation of Small Businesses, called the decision a “victory for common sense”. “Scrapping the cheque would have put many small firms at a disadvantage, especially in rural areas which rely on the cheque for payments.” The Forum of Private Business (FPB) also pr... »