Cheque Truncation - A Legal and Practical Perspective

As clearing bankers seek ever more cost-effective methods of funds transmission the wider introduction of cheque truncation is under detailed consideration. Certain legal barriers prevent inter-bank cheque truncation at present, however, and representation must be made to the Banking Law Review Comm...

Full description

Saved in:
Bibliographic Details
Published in:The Service industries journal 1989-01, Vol.9 (1), p.110-126
Main Author: Pond, Keith
Format: Article
Language:English
Subjects:
Bank clearings
Banking law
Checks
Court decisions
EFTS
Electronic funds transfer systems
Implications
Legal
Legislation
Litigation
Pilot projects
Truncation
Citations: Items that this one cites
Online Access:Get full text
Tags: Add Tag
No Tags, Be the first to tag this record!
Description
Summary:As clearing bankers seek ever more cost-effective methods of funds transmission the wider introduction of cheque truncation is under detailed consideration. Certain legal barriers prevent inter-bank cheque truncation at present, however, and representation must be made to the Banking Law Review Committee so that changes in legislation can be made. The Committee will find that truncation itself poses other legal and practical problems which must be overcome by the banks and by the legislators. In due course Parliament will need to balance possible statutory control of the hitherto private clearing system against an erosion of the traditional protection afforded to bank customers.
ISSN:0264-2069
1743-9507
DOI:10.1080/02642068900000007