I was told, by a Monzo employee in a chat, that a better solution for cheque processing was being worked on, albeit with no timescale able to be provided. I cant remember the exact wording unfortunately, but I do think/hope something will happen one day.
edited to say - they did say “in-app cheque imaging”
I think the last official thing we were told in relation to in-app imaging specifically was that work on it was being paused so effort could be redirected to other things, but it was not specifically cancelled.
I believe Monzo have said that, in the long term, they do plan to implement the feature.
I guess I can post this now, as this is quite old information.
I’m relaying something that my friend who works at Monzo said (different team). Essentially, a team tried to build this feature, but they couldn’t get it to work properly (a bit of a worry considering the legacy bank developers have managed). A lot of money and effort was put into it without success. It went from being a priority feature that was hyped internally to some comms having to to create a narrative about cheques not being relevant anymore.
Given that Monzo have some incredibly intelligent people as part of their team, I’m disinclined to believe “they couldn’t get it to work” when they’ve already tackled much harder-to-tame beasts.
Indeed. Say what you like about Monzo - and my word folk here do! - but there surely cannot be any doubting of their technical chops when they can take on projects like the (thus far flawless) FPS gateway
I don’t believe this for one minute. The technical bits behind scanning a cheque (OCR) and submitting it are a piece of piss. A university student could probably manage the required programming.
I see no reason to disbelieve* the official line that the cost of developing the feature balanced against the expected benefits wasn’t considered worth the effort of jumping through the hoops required.
*This, to be clear, is entirely distinct to me agreeing with the official line that cheque imaging isn’t worth it.
But just to be clear, they can’t just grab any “fan made” OCR code and use that. They’ll be best placed to build it entirely from scratch ensuring that it’s airtight from any potential vulnerabilities.
Oh yeah obviously, but it’s the kind of thing a team of developers can build in a few days and improve over a few weeks. Regulation and testing maybe a month but we’re not talking years
There’s a post or article about the technical side of joining the cheque scheme, main issue was you have to schedule testing and launch with the scheme and they only do 2 slots per year, so they decided at the time that waiting another 6 months wasn’t worth it.