The Cheque, as a financial instrument will officially become 358 years old on the 16th of February 2017 and it is no longer news that its usage is gradually dwindling with each passing day. According to the Bank of International Settlement (BIS), the number of Cheques written by 18 countries who still utilize Cheques dropped by 10.7% to 22.4 billion in 2014 from 2010. More dramatically, in some parts of Europe, Cheque usage has been discontinued in Holland and it’s sparingly used in Belgium, Germany, Switzerland and Sweden.

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