In yet another sign that electronic payments — and ATMs — are taking over the world, a consortium of British banks has decided to stop processing checks by 2018.
The board of the UK Payments Council, the body for setting payment strategy in Britain, agreed on Wednesday to set a target date of October 31, 2018 for winding up the check clearing system. The board is largely made up of Britain’s leading banks.
“There are many more efficient ways of making payments than by paper in the 21st century, and the time is ripe for the economy as a whole to reap the benefits of its replacement,” Paul Smee, the council chief executive, said in a statement.
Britain is actually a bit of a laggard in this regard:
Checks have all but disappeared in high-tech countries like Sweden and Norway and their use is under review in Ireland, South Africa and Australia, Frederick at the council said.
And finally, a bit of historical trivia:
The oldest surviving check in Britain was written in 1659, according to the council and made out for 400 pounds (equivalent to around 42,000 pounds today). It was signed by Nicholas Vanacker, made payable to a Mr Delboe and drawn on Messrs Morris and Clayton, scriveners and bankers of the City of London.
