Cheque Payments to Finally Go Digital
Next week, the government is said to approve a new legislation that will allow banks to roll out cheque imaging.
At the moment, banks have the right to demand to see the physical cheque before approving payment. A change in the law however will mean that banks will accept images of cheques, speeding up the process from six days to just two.
Cheque usage in the UK has been in decline for the past two decades falling from 4bn cheques written in 1990 to 848 in 2012.
Barclays plans to conduct a cheque imaging pilot scheme for customers with an iPhone and to expand its service to Android users later this year.
Steven Roberts, director for transformation at Barclays said: "We don't expect everybody to submit their cheques through mobile phones, but we would love the legislation to change [so] other banks accept an image."
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