Lloyds to trial cheque-banking service

cheque

Lloyds bank intends to accept cheques via its smartphone app, as its launches a pilot scheme for the technology, using 1700 of its staff to test the service.

Using their smartphone, Lloyd’s workers will be able to take a picture of the cheque and pay it directly into their bank account, avoiding the timely process of travelling to their local branch.

The trial is expected to last for 4 weeks, in which Lloyds will identify any security or performance problems. It has been suggested that the technology will launch in the autumn if the trial proves successful.

Russell Saunders, managing director for lobal Payments, Lloyds Banking Group said:  “To be at the forefront of banking, we want to make banking easier for our customers. The new mobile application currently being developed is just one innovation which will save customers time and make it quicker and easier for them to pay a cheque in by uploading an image themselves using their smartphone.

Barclays are currently the only financial institution that uses cheque imaging software, after the Government passed through legislation in June 2014 that allows banks to speed up the cheque payment process. With over 30,000 iPhone users of the app, Barclays intend to roll out the service to Android users later this year.

This news follows an announcement made by the British Bankers’ Association (BBA), in which banking on smartphones and tablets has displaced traditional branches and even the internet as the most popular way to bank.

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