New Bill to speed up cheque payment

A new piece of legislation will speed up the amount of time it takes to receive payment from a cheque.

The changes will allow the banking system to process a scanned image or photo of the cheque rather than waiting for the paper version to be presented in branch.

It's hoped the move will mean businesses and consumers receive funds more quickly, as well as future-proofing the cheque as a method of payment.

The Bills and Exchange (Amendment) Bill will have its first reading in the House of Keys on Tuesday.

Similar legislation has already been approved in the UK, although it is not expected to be in force until October next year.