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CHEQUE IMAGING

Fancy cheques?

YOU’RE on the right lines but we’re not talking cheques with pictures on here. Cheque imaging is a new technology which enables customers to pay in a cheque using their smartphone.

How?

Customers take a picture of the cheque, before inputting their account details and emailing it to the bank. The technology will be supported by the banks, which stand to make huge savings.

What’s the benefit for customers?

It will do away with the need to travel to your nearest branch, queue up, and then wait four to five days for the money to land in your account.

Can I do this now?

Not yet. Barclays is trialling the technology using iPhones and its banking app. But there needs to be a change in the law for this to become reality. The Treasury is expected to set this in motion next week, and could make an announcement about it as soon as Monday.

All very hi-tech…

Maybe, but the UK is lagging the US, which has been using the cheque imaging system for five years following a change in the law allowing digital images to be accepted by the banks.

Cheque imaging is the latest attempt to use technology to reduce the need for customers to visit their branch. This includes mobile phone banking and payments by text message.