Banks are going to accept photos of cheques from your phone
This week, the Treasury announced that British banks are going to start accepting photos of cheques sent by smartphone, which will cut down processing times considerably. Basically, this move is like the method that sees us able to board planes or go to gigs with with printouts.
Currently, the law says that a bank must demand to physically see the cheque before they honour it, but that will all change, with Barclays saying they'll be introducing this new system in 2014.
Steven Roberts, Barclays' managing director, said: "When you can download a book or a film in seconds, we believe you should be able to deposit a cheque in the same way. This is just the beginning of how we want to transform the 'cheque clearing cycle' for our customers, driving down the six days it currently takes a cheque to clear."
Treasury financial secretary Sajid Javid added:"This government is determined to create a banking sector that works for consumers and serves businesses. We want to see more innovation so that customers see the benefits of new technologies. That is why we're creating a new payments regulator and why we are going to consult on speeding up the cheque clearing process."