8 June 2020

HSBC UK offers digital cheque scanning for businesses to reduce trips to branches

HSBC UK has launched digital cheque deposits for business customers to help reduce visits to branch as social distancing measures remain in place to stop the spread of COVID-19.

The bank fast-tracked plans to implement the service to enable business customers to pay in cheques remotely using the HSBC UK Business Banking App.

More than 1,350 cheques with a value of almost £195,000 have already been deposited digitally via the app since the service launched last week.

A survey of business customers in April and May found that 58% have increased their usage of digital banking platforms since lockdown measures were introduced, while there has been a 60% reduction of footfall in branches.

Tom Wood, Head of Global Liquidity and Cash Management at HSBC UK, said: “While some of the lockdown restrictions are now beginning to ease, we know many businesses are still based from home and visiting a branch to deposit a cheque may not be feasible for them.

“We’ve seen a demand from customers for more digital banking tools and this service means they can deposit cheques in just a few taps of their device, from their homes or place of work.”

HSBC UK already offers mobile cheque deposits to retail customers and has seen a 34% spike since lockdown began while the bank has seen a 66% reduction in cheques paid in at branches.

Digital cheque deposits for business customers are capped at a total of £2,500 per day and individual cheques must not exceed £500.

For further information visit www.business.hsbc.uk/en-gb/everyday-banking/ways-to-bank/cheque-deposit.

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