Electronic cheques could be rolled out on Island 

Electronic cheques could be rolled out on the Isle of Man if new legislation is passed in the House of Keys.

Treasury wants to implement the 'Bills of Exchange' Bill which mirrors new UK laws which allow banking systems to process a scanned image of a cheque instead of the original paper version. 

If approved there'll be a faster clearing cycle - it means businesses and consumers will receive their funds more quickly. 

The new-look payment system could also provide significant cost savings - Treasury says it would 'futureproof' the cheque as a sustainable payment option. 

The legislation - which is not being put out to public consultation - will go before MHKs on Tuesday.