...and cheques will clear faster too

EVEN the old-fashioned cheque cannot avoid a digital makeover. By next summer all cheques will be cleared in one day rather than the current six, thanks to ‘cheque imaging’.

Banks will send digital images of cheques to each other rather than physically delivering them, allowing them to be cleared by 11:59pm the next working day. Eventually customers will also be able to pay in cheques with a photo on their mobile.