Banks are going to accept photos of cheques from your phone

26 December 2013

money jar 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."

TOPICS:   Technology   Banking

6 comments

  • Thomas
    Lol cheques, doesn't everybody accept faster payments now, I think the last cheque I recieved was a couple if years ago, and the last I wrote was even further back. The only people this will benefit is businesses, and then most will still need to bank cash etc anyway, so there will be no time saving in reality. Something along the lines of scan the cheque that been issued to you, which has a 'security number' made from one of those little secure key calculation things that hsbc does, this can then be sent to your account as an instant fast payment The traditional cheques and clearing times are so outdated, it's about time they were shook up.
  • Jack
    The last cheque I received was last week. Share dealing companies love sending out cheques. Cheques have got <5 years before they are totally withdrawn I reckon.
  • Dosser
    I just went to the bank and showed them a picture of my cashpoint card. They wouldn't give me any money.
  • Whathisname
    Any bets on by what ratio photos of cheques will be outnumbered by photos of cocks?
  • Banks G.
    [...] them out entirely. … In December …British banks to begin accepting photos of chequesT3Banks are going to accept photos of cheques from your phoneBitterwalletBritish banks to accept photos of cheques through smartphones, says UK [...]
  • Kevin
    They wanted to get rid of cheques. Old people and independent traders didn't want them to go yet.

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