Thursday, August 13, 2009

the lines keep getting shorter

USAA, an american bank has launched a new mode of depositing cheques of account holders. no need to go to the bank, no need even to mail the cheque. this new mode allows people to deposit their checks from... anywhere in the world.

one only has to own an iphone. the phone would be used to picture both sides of the cheque and the image would be sent to the bank. the bank automatically credits the amount to the account of the owner.

however, this technology is only limited to specific account holders such as it has only one physical branch for its over 7 million customers. they noted that mobile banking has been slow to catch on. the technology is still being developed but the company is hopeful that other banking institutions would also use this new method.

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