December 27, 2013
British Banks to accept smartphone photos of cheques
British banks are set to accept photos of cheques sent by smartphone, cutting the processing time from six to two days, the Treasury said on Thursday – but it insisted that this was not the next step in phasing out them out entirely. The Guardian reports.
The chancellor, George Osborne, is to consult next year on legislation to speed up cheque payments and make it easier for businesses and consumers to use smartphone technology. Consumers would also be allowed to send photos of cheques or go to banks with photographs of cheques in a move that mimic the way that plane tickets can now be printouts of emails.
In America, JP Morgan Chase introduced the cheque service in 2010, followed by Citibank and Bank of America. But in the UK, the law states the bank has a legal right to demand to physically see the cheque, especially if it is from a different bank, before it decides to honour it.
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