Island to adopt move to speed-up payments
Legislation mirroring UK law allowing cheques to be presented electronically will have its first reading in the House of Keys next week.
The Bills of Exchange (Amendment) Bill permits the banking system to process scanned images of cheques rather than standard paper forms of the payment.
Treasury says the move would lead to both firms and consumers receiving money more quickly.
The Bill hasn't be put out to public consultation as there is a requirement to replicate UK law in this area.
It goes for its formal first reading on Tuesday 29 November.
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