The UK has reversed its Vote to Abolish Check Clearing. In a testament to the power of the payment properties of checks, the UK Payments Council has decided to keep checks and cancel its 2018 target end date. Instead the UK Payments Council has decided to focus on payment innovations, reassuring customers that the check is staying.
The biggest innovation coming soon to the paper check is the digital check. Keeping all the benefits of its paper form except the piece of paper, we expect the digital check will usher in big changes in the payments industry.