Law change to allow scanned cheques

Tynwald buildings, Douglas

Tynwald buildings, Douglas

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Treasury legislation to allow cheques to be presented electronically will go before the House of Keys this week.

The Bills of Exchange (Amendment) Bill mirrors new UK laws and permits banks to process a scanned image of a cheque instead of the original paper version.

This will enable a faster clearing cycle, meaning businesses and consumers receive their funds more quickly. It will also provide significant cost savings.

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