The UK government has introduced a bill that will change existing legislation so that banks make use of so-called cheque imaging via smartphones and tablets.

Cheque imaging allows users to take an image of a paper cheque and then pay it into their bank with a mobile banking app.

The law change is necessary because currently banks have to confirm the details on cheques before paying them, said The Guardian. For this reason, they are physically transported from bank branch to a clearing centre before being signed off.

Thanks to the bill, images of cheques can be sent between the relevant banks, so eliminating the need to send the actual paper.

Even if a user is not keen on cheque imaging then two banks can deploy it internally to speed up the process.

The government’s aim is to reduce the time it takes for small businesses to receive payments.

At present, the UK system operates on a so-called two-four-six working day cycle which means a maximum of two working days after funds are paid, a customer starts to receive interest on the money. After four days, the customer can withdraw the money and by day six the money is theirs, even if the cheque subsequently bounces.

In countries which have moved to cheque imaging then the cycle has shifted to one-two-two.