Question

have cheques lost their importance in the 21st century. Please explain.​

Answer 1

Answer:

21st Century - a new payments landscape in history

Independence from APACS

The governance structure established as a result of the Child Report remained in place largely unchanged for 15 years until the Cruickshank Report, ‘Competition in UK Banking’, was published in March 2000.

The report included a number of criticisms about the UK money transmission industry, many of which were re-iterated in HM Treasury's subsequent consultation document in the following year. Cruickshank concluded from his review of the markets and network features that UK payment systems were failing in terms of delivering price transparency, good governance, non-discriminatory access and efficient wholesale pricing. The Cruickshank Report and the public consultation by HM Treasury both recommended the establishment of a payment systems’ regulator.

In response to the report and the public consultation, APACS reviewed the link between membership of APACS and ownership of the principal clearing systems. It was decided that it should no longer be a requirement that members of the clearing companies should be members of APACS, that the clearing companies should be in complete control of admission to their clearings and that their eligibility criteria should be published.

So, in September 2002, the C&CCC became fully independent of APACS, taking control of its admissions process and publishing its eligibility criteria.

Explanation:

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