We now have a modern and effective electronic clearing system, with the Cheque Truncation project fully rolled out on 5 December 2013. This was preceded by a historic event early in the year when cheques were cleared manually for the last time on 31 January 2013. In some countries, cheques themselves are becoming history as the world moves to a cash-lite or cashless society.
55. We are setting the scene to move to the next stage which will entail making still greater use of electronic money. Unfortunately, we have failed to make any progress with the NPS – on which we have been engaged since 2009 and to which I alluded in my 2010 Letter to Stakeholders.