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NewsPoster Dec 27, 2013 03:05 PM
UK banks to trial check deposits via smartphone photographs
Banks and building societies in the United Kingdom are considering allowing customers to pay in checks using smartphones, the UK Treasury has <a href="" rel='nofollow'>announced</a>. The change, which would involve bank customers to photograph a check using a smartphone instead of taking it to branch, could be implemented as part of a new Check 21 law, with the first trial of the system set to begin in April. <br />
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The Check 21 law allows banks to process checks electronically instead of transporting the paper slips around the country, <a href="" rel='nofollow'>reports</a> the <em>BBC</em>, with a similar system having been in operation in the United States for the last nine years. The law change also introduces the possibility of checks taking a shorter period of time to clear, potentially clearing funds within two days instead of the current six-day period. <br />
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<div align='center'><img src='' style='max-width: 100%;' alt='' border='0' pagespeed_url_hash="4226398159"/></div><br />
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Barclays will be the first bank to test the system, which would involve the bank's smartphone app taking a photograph of the check itself and sending it to the bank's servers, but not storing it on the mobile device. "Moving into a virtual world will actually create a more secure customer experience than the paper experience today," advised Antony Jenkins, chief executive at Barclays. <br />
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Ten percent of all payments by individuals were made by check in 2012, according to the report, with the figure increasing to 25 percent for businesses. The <a href="" rel='nofollow'>UK Payments Council</a> previously planned to stop check payments in the country by 2018, though it decided against the measure after a public outcry.
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