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In a European first, Spain's Banco Sabadell has added remote deposit cheque capture functionality to its mobile platforms.
The Instant Check feature, already available for iPhone and Android apps, enables users to take a photo of their cheque with a smartphone camera to make deposits without having to visit a branch. The technology has already been introduced by some American institutions, including Chase, where cheques are still a popular payment method but Banco Sabadell says its offering is a European first.Banco Sabadell's new Android app also displays account information in graphic form, lets users access favourite operations and find branches and ATMs through geographical location, displaying the information on Google Maps or Street View.The bank also claims to be the first to give access to social networks from its native Android, iPhone and Windows applications, with access to its own Youtube, Twitter and Facebook spaces.
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It's may be not the first one in Europe. In Denmark, Danske Bank recently launched a similar app for giro (postal cheque) scanning via mobile phone.
I wonder will this lead to the strange anomily that exists for some US bank customers when such applications can mean that getting paid by cheque means getting faster value than being paid by electroninc credit transfer?
@Russell Burke: You've brought up a very interesting - and potentially sensitive - anamoly. The difference between technical capability and business model is already exposing such anamolies in the two e-payments schemes in India. RTGS for corporate payments
works in realtime and NEFT for retail payments is specified to work as a T+2 scheme. However, lacking a separate technology backbone, NEFT transactions are processed over the RTGS platform. As a result, some banks give NEFT credits virtually in realtime, whereas
others do so only after 2 days!
It beats me why a bank would want to perpetuate an archaic payment system. Isn't it is about time that the cheque is finally put out of its misery?
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