Most western countries have moved away from checks - with the exception of bank cheques or money orders for certain, specific cases.
Most western countries have moved away from checks - with the exception of bank cheques or money orders for certain, specific cases.
Another way of looking at it, a check is more or less a form of wire transfer using the ACH system. I just wish there was a way to remove the paper check aspect of it, in a way that is commonly accepted by private individuals + small business in addtion to big outfits.
The sender tells their bank to send someone money, the bank checks the sender's funds and notifies the receiver's bank of the transfer, then the receiving bank notifies the receiver they got the money.
This whole thing used to take 2-3 days in the days of paper giros, but it's pretty much instantaneous now.
That said, getting rid of checks completely is a much harder social challenge than updating the UX to show the right status.
UX updates are a practical recommendation that a few engineers at a bank could actually implement