To align with the Australian Government’s ongoing efforts to modernise the payments infrastructure, from 31 October 2023 we will no longer accept cheques as a payment option.
Due to the changing landscape of financial transactions and evolving needs and expectations of individuals and businesses, cheques are no longer a secure or efficient payment process, compared to digital transactions.
Cheques can be time-consuming due to delays in postage and processing. Additionally, cheque fraud and security concerns have posed significant challenges for financial institutions. The risk of tampering or forgery, along with the potential for loss or theft, makes cheques less secure compared to digital payment alternatives.
Removing cheques improves our efficiency as a modern regulator while also contributing to the growth of a more accessible and secure payments ecosystem for all Australians.
This move is part of our ongoing commitment to streamline processes and is a significant step towards creating a more efficient, secure, and user-friendly payment system.