Remote Cheque Depositing on Horizon for the UK

The UK government will begin consultations early this year on legislation that would allow smartphones to be used for remote cheque deposits, according to reports.

The Treasury has proposed enabling UK banks to process cheque images, which would do away with a requirement that banks must physically receive a paper cheque. Remote cheque depositing should cut the typical processing time from six to two days, the Treasury said.

Finextra
reported that Barclays plans to begin pilot trials of remote cheque deposit technology early this year. “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,” said Steven Roberts, managing director at Barclays.

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