CYBG brings next working day cheque depositing to mobile banking
Faster clearing will give cheques a new lease of life
Clydesdale and Yorkshire Banks (CYBG), through its digital banking service B, is launching new technology in November 2017 to enable customers to pay in cheques using its mobile banking app, B.
The app will allow cheques to clear by the end of the next working day, without customers having to step foot in a branch.
Fraser Ingram, CIO at CYBG, says: “Cheques have been embedded in our culture since banking began and our new technology, along with faster clearing, will give cheques a new lease of life.”
The Cheque and Credit Clearing Company (C&CCC) is behind the new image-based cheque clearing system and will be implementing it across all UK banks. CYBG customers will be able to process cheques of up to £500 by sending a picture of a cheque on their phones through its 128-bit SSL encrypted banking app.
According to C&CCC, during the roll-out phase the new system will operate in parallel to the legacy one, meaning that some written or payed-in cheques will clear via the new image system, but some will clear under the existing timescale (up to six working days).
CYBG says there will be no requirement for customers to use their mobile device to pay in a cheque if they don’t want to.
