Doesn't ACH work on the honor system just as much as checks do?
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I feel like I’m obliged to say that neither work on the honor system, but from a “How certain is it that this payment is good funds?”, ACH (push or pull) materially less than wires until settled but higher than checks.
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Like "World Series Baseball", when you say "The World" you mean just North America. Coz the rest of us stopped using them. Like .. decades ago.
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I am sympathetic to your broader point about American chauvinism but your company’s financial system also dies in a fireball if USD checks stop clearing.
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Are they still paying everyone in cash in Japan?
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Direct deposit is becoming more of a thing but not quite as hegemonic as it is in US, particularly by SMBs and for non-professional work.
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Don Knuth no longer writes checks to those who discover errors in his books, due to the ease of stealing money once the account and routing numbers are known: https://www-cs-faculty.stanford.edu/~knuth/news08.html …
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Checks are inexistent in Belgium since 1998
In Europe, instant payments are coming soon (impl. starting Nov 2018) https://www.ecb.europa.eu/paym/intro/news/articles_2017/html/201706_article_tips.en.html … -
In UK most banks stopped issuing chequebooks years ago, and most bank transfers are now immediate with FastPay. US and Japan are lagging.
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