UK to pilot new method of paying in cheques

27th Dec 2013 14:41

It was revealed over the Christmas period that a new method of paying in cheques has been proposed.The new method, which is set to undergo a pilot test in the UK this year, involves the customer of the cheque being able to photograph it before sending it to the bank electronically. The government hopes that the method, which is already in use in the US, will be made available across the UK by the end of next year. Using the new technology, cheques will be cleared within two, rather than the current six, days. Barclays will be conducting the pilot testing programme from April 2014. NR