There’s a bit from “Seinfeld” way back in the 20th century that, paraphrased, goes like this: A check is like a note from your parents that states, “I don’t have any money, but if you contact these people … I’m sure they’ll stick for me. If you could just trust me this one time …”
“Seinfeld,” of course, lives on in reruns. The check lives on, too, although like the days of “Must See TV” via networks, it is receding into the distance a bit.
The paper-based conduits of payments must make way for digital, instant means.
In an interview with Karen Webster, Drew Edwards, CEO of Ingo Money, said the stage is set for instant payments to be embraced even by “old” economy firms that have traditionally relied on checks sent to consumers and received in back offices.
Read the complete article and watch the video at pymnts.com