The UK is to roll out an image-based cheque clearing system in October that will slash processing times from six 'weekdays' to one day and pave the way for the introduction of interbank mobile cheque deposits.
UK cheque processing firm Intelligent Processing Solutions Ltd (iPSL) is planning to close seven sites across the country resulting in approximately 600 job losses.
Despite the prevalence of cheques in the US, the vast majority of people still do not deposit them using their mobile phones, research from the American Bankers Association shows.
Canadian financial technology firm D+H is to buy transaction banking vendor Fundtech for $1.25 billion in cash, subject to regulatory approvals.
Lloyds Bank is to begin testing mobile cheque deposits with a select group of commercial customers.
Ahead of Christmas, Barclays is giving one million customers the ability to pay in cheques remotely by taking photographs with their phones.