Smartphone technology is disruptive to many areas of banking, and in the payments space, it has been said that mobile banking — particularly person-to-person payments and mobile wallet — will help spell the end of checks. In fact, the UK is set to sunset the paper check by 2018 [EDIT: Or not -- see comments,] and other countries have already made this move. But if you live in the US, chances are you still write checks now and then — for rent, the soccer league, the plumber — and that’s not likely to change, said Gary Brand, director of source capture solutions for Fiserv. “RDC [remote deposit capture] is breathing new life into checks,” Brand said. “Being able to snap a picture, it’s taken a lot of the hassle out of checks. Business owners used to wait a week to go to the branch so they could deposit four to five days’ worth of checks. Now they’re depositing them as they come in, in real-time. The ability to deposit checks in a timely fashion is a powerful tool for businesses. Cash flow improves.” It also saves banks money. While checks can cost $4.00 or more to process in branch, they [...]
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