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In a European first, Spain's Banco Sabadell has added remote deposit cheque capture functionality to its mobile platforms.
19 January 2011 4 comments
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.
Denis Vacher marketing at orange
19 January 2011
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.
http://insiden.blogspot.com/2010/12/mobile-cheque-deposit-hits-europe-via.html
Russell Burke Senior Payments & E-Money Authorisation Specialist at The Central Bank of Ireland
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?
Ketharaman Swaminathan Founder and CEO at GTM360 Marketing Solutions
20 January 2011
@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!
Stanley Epstein Associate at Citadel Advantage Group
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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