The UK has passed another law that obliges British banks to acknowledge and process photographs of cheques caught through cell phones, the Treasury declared. The law, called Check 21, comes four years late to the amusement. Banks like JP Morgan Chase in the US have acknowledged and handled photographs of cheques since 2010. British banks, then again, had the legitimate right to see physical cheques before tolerating and handling them.
The UK government is presently at last gripping electronic cheques. Also, Check 21 might as well help banks decrease transforming time from six days to two. Barclays has declared a pilot programme for April 2014. Barclays’ programme will acknowledge and courses of action photographs of cheques caught by means of cell phones. The bank says we can hope to see the administration in the long run take off to all clients at some point in late 2014.