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Cheque Image Deposits Soon To Come To UK ATMs

In the United States, cheque deposit at ATMs was made simple years ago with the passing of Check 21 in 2003.

This law removed the need for millions of paper cheques to be freighted around the country. Instead,an electronic image of the cheque can be processed at ATMs.

When Bank of America introduced ATM cheque imaging, their customers voted it the most important customer service improvement the bank had ever made.

Fast-forward to 2014 and the UK Government is moving towards implementing a new law with the same impact as Check 21. With a fair wind in terms of the the passing of legislation, the British public could be able to use cheque imaging at ATMs as soon as 2015.

Of course, cheque use continues to decline in both the US and UK. However, that does not mean that those who do chose to use cheques should be deprived of the benefits of innovation. They are entitled to have their preferred payment method made as convenient as possible for them. Image deposits are a massive step in the right direction.

Imaging of cheques is not restricted to ATMs. Smartphones are now being used for the same purpose. A perfect example of Low Tech (paper cheques) combining with High Tec (Smartphones) to deliver an enhanced customer service experience.

At Cash-is-Cool, we applaud all innovations that improve the publics choice in relation to secure payment methods. Cash , cheques, cards,on-line and mobile payments are all needed to maximise both choice and economic activity. Increased economic activity should create greater wealth and more jobs, two results that are in everyone's interests.

So cheque image deposits at UK ATMs cannot come soon enough. Roll on 2015!

Friday, 13th June 2014

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