Cheques at heart of financial system
Any confusion among public can severely impact essential transactions in economy
People do not take easily to change, even if it is good for them. The UAE Central Bank has mandated all banks to incorporate features in their cheques that will make them more secure and allow them to be processed faster.
The deadline for the use of the secure cheques, which was January 1, has been extended indefinitely, after bank customers struggled to understand how the transition to the new system would work. In many ways, cheques remain at the centre of local financial system and any widespread confusion would have had a severe impact on essential transactions.
Now, financial institutions have the necessary time to make sure their clients understand how the transition to the new cheques will work and there are no disruptions to the economy. And customers will be able to make sure they can calmly get their financial affairs in order and not be part of a last-minute rush.
