Digital Check Writing - The Future?

So let’s talk for a minute about cheques. They’re a standard part of our world. People write them to pay workers, buy things and generally shop around. They’re pretty constant too - as a form of payment, they’ve not changed in quite some years. This does present a problem because one thing has changed over the years is the sophistication of fraud. Criminals are getting smarter, and the security measures in place to protect people who write cheques aren’t evolving at the same rate.

So whether or not you’re concerned about the security issues, or maybe you’re just someone who wants to progress into the modern age, there is a solution. It’s recently come to light that there are modern digitized forms of check writing, and it may just be exactly what we need in 2019. What does this mean, what applications does have in our world, and who created it?

Addressing the Issues

The problem with the old system is that it doesn't fit with current attitudes to personal finances. People like to be able to control everything via their mobile devices these days - an approach which comes from the current influx of technology. Why bother going to a shop and buying something when you can get it quickly via the internet? 

Cheque Books are the exception to all of this - the last stand in an otherwise digital world. When you want a new checkbook, you need to go to your bank and request one, which takes time. You have to write one out and then wait for it to cash. It's this delay which convinced one company that there could be a better solution. - The Solution?

So, there is a solution to the problems faced by checkbooks — digital versions. That's what has to offer at least. They're currently leading the charge of digitizing the cheque writing process. They promise easy check writing and a digital medium which has military-grade security at the helm. Seamless integration with more than 1600 banks means that nearly every type of cheque can be cashed in and distributed safely. And when you consider that cheapest have none of the fees which come from Visa or MasterCard transactions, you’ll see the increasing demand for such digital payments which match perfectly with what offers. 

The system works via a subscription option and works with all devices. Payment requests are possible, as well as integration with existing bank accounts. And, as mentioned, military-grade security means that the chance of a fraudulent transaction going through is almost null because you can block them instantly. The company has demonstrated on multiple occasions that they can protect their customers from harm, and currently serve as many people’s first choice when it comes to digital cheques. A critical innovation in their system makes bank information available only when it is requested, instead of being available all the time as is the case with conventional cheques. This safety precaution further helps to protect customers. 

Founder Sabeer Nelliparamban said according to The Federal Reserve payments Study Checks are still a significant payments method for larger payments. The number and value of commercial checks paid per year just in united states is 17.8 billion and $28.80 trillion, which exclude roughly 0.2 billion federal government checks and postal money orders. Sabeer Nelliparamban has also founded Tyler Petroleum Inc, an Inc5000 Fastest growing private companies of America and a member of Forbes business council.

Much-Needed Modernity 

There’s no doubt that this is a modern interpretation of cheques that we need. It’s a fast and furious world sometimes, and being able to look after your cheques and financial stability is always going to be profoundly coveted. We need our information to be protected and to counteract the many forms of fraud that exist. The conventional cheque doesn’t allow this to happen. The system is too easy to exploit in a modern world, and so a new form had to be found. OnlineMoneyWriter has accomplished this, offering accessible banking and reliable security. 

The challenges faced by modern finances are considerable. Threats seem to come from every direction, and so there are many security provisions in place to make sure that when you spend money or transfer it online, you’re protected. However, for the longest time, there was no such luxury afforded to write cheques. There is an element of fraud which may not have been evident at the time, but in the modern world has become all too commonplace. This company has worked hard to make sure that a solution to the problem is freely available, and it is welcome. Digitalizing cheques and implementing the highest possible level of security is perhaps the national evolution of the process. It may not be apparent yet, but this is the way that all finances will probably go in the future - introducing more sophistical technological equivalents to keep people safe when they go online with money. 

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The New Indian Express