UK’s internet-only bank Atom is reportedly looking to strike a deal with a high street lender to enable customers to deposit cheques at a bank branch.
A technical delay with a third-party system for paying in cheques has necessitated the bank to tie up with a bank that has physical presence, The Mail on Sunday reported.
The deal with a bricks-and-mortar lender will be a short-term arrangement to provide services till the issues are sorted out, Atom founder Anthony Thomson told the publication.
"The technology is live but the payments provider is running a test to prove it works on the payment system," Thomson added.
Durham-based virtual bank — backed by stock picker Neil Woodford and the Treasury minister Lord O’Neill – is expected to receive a license from the Bank of England to begin operations later this month.