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Friday, 27 December 2013 00:36

Picture a Cheque - The new way to cash a cheque

The pain of physically paying cheques into a bank could soon be over. A new method of processing cheques has been devised and tested over the last two years and it is as easy as taking a picture of it and sending it to your bank.

Cheques have almost completely ceased as a method of payment between individuals, except the odd Christmas and birthday. The biggest effect of the change will be on businesses who will welcome the change because it means quicker payments will be possible. What used to take 6 days, may now clear in as little as two.

The change will also be welcomed in small towns and villages that have found their banks closing. Their only alternatives is to post the cheque off to a bank or travel to the nearest bank of building society.

Barclays have been the first to pilot the new method and their Managing Director Steve Roberts said "We are excited to be the first bank to pilot the this new technology and always welcome legislation which enables the whole industry to work together to make customers lives easier.

‘These changes mean you will be able to pay cheques in instantly, not just in branch, but also using your smartphone or tablet computer. 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. ‘We are planning to test the cheque imaging technology early in the New Year with a range of customers.’

It will be interesting to see what opportunities for fraud arise out of the change. Whenever new methods of moving money pop up, the fraudsters are the key group who will test whether or not it will work.

The Bank of England will monitor and intimately they will work with the treasury will make the final decision in 2014.
 

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