Lloyds Bank testing mobile cheque payment solution
Lloyds has reportedly launched a pilot scheme to test a mobile cheque payments solution.
Lloyds Banking Group has reportedly launched a pilot scheme to test a mobile cheque payments solution, which will let customers pay in cheques through their mobile banking app.
The bank’s 1,700 employees will join the four-week pilot run of the technology that was first announced in December 2014.
The trial will help the bank to iron out security and performance problems in the IT system, following which Lloyds will plan for another trial in autumn 2015.
The new system will enable customers to take a photo of the cheque on their smartphone and pay it directly into their bank account, without the need to visit a bank branch.
Currently banks capture images of each cheque paid in by customers, yet transfer the physical paper form each day from the branch to a central clearing system, requiring a fleet of vans to cross the country.