Barclays is planning to test the cheque imaging technology early in the new year with a range of customers
This headline caught my attention. Barclays is to begin testing next year levering US technology. I am just surprised the fight for some type of electronic payment system has been given up on so easily.
The proposed gain of reduction in processing from 6 days to 2 days hardly seems a laudable goal in this day and age.
Plans to allow cheques to be paid into banks by smartphone are set to cut processing times from six to two days, the Treasury said on Thursday, in a move expected to benefit the small business sector that relies on cheques for a quarter of its payments.
Nearly £840bn of cheques were processed last year – 10 per cent of all payments made by individuals – and 23m cheques were sent as gifts through the post, Treasury figures show.
Four years ago, industry body the Payments Council was forced to backtrack on plans to phase them out, after an outcry from businesses and consumers.