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Oct 21, 2016

The End of the Cheque?

Marilyn Gardiner-Usher

While early versions have existed since antiquity, the first modern cheque was introduced in 1659. And while it continues to be an important source of handling money, it is rapidly being phased out in many countries. Could Belize be next? With the advent of the Automated Payment and Securities Settlement System, the Deputy Governor of the Central Bank of Belize, Marilyn Gardiner-Usher, says it’s coming.

 

Marilyn Gardiner-Usher, Deputy Governor, Central Bank of Belize

“There is one payment instrument – the cheque, which I don’t have a problem with – that will be coming on in the next three weeks. Why I say I don’t have a problem with bringing that on in the next three weeks is I really want people to try to use our electronic funds transfer instruments and services via apps. These are much more efficient than cheques; we are going to keep cheques as an option; but we want to reduce its use. So, while we won’t be removing it totally from the options to the people of Belize, we encourage you to use the other electronic fund transfer services provided by apps.”

 

Instant fund transfers are available with all major banks under the APS-Three except for Scotia Bank, which continues to update its core banking system in order to join in. 

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