Cheque depositing to be easier and quicker
New government proposals could mean that from next year businesses and individuals will be able to use their smartphones to bank a cheque simply by sending a picture of the cheque to their bank.
New technology should also mean that cheques are processed in two days in future, rather than the six days currently taken.
Despite endeavours by the banking industry to get rid of cheques, the Government reckons they remain a crucial part of the British payments landscape and ministers are therefore taking steps to secure their long-term future.
Nearly £840 billion of cheques were processed last year. Businesses accounted for over 370 million cheque transactions in 2012 and 25% of payments made by small businesses were by cheque.