5 minutes
Checks are also digital
Muhammad Salem Al Ali
May 19, 2022
Perhaps the most important feature of today’s world is the acceleration of innovations to the point where it has become difficult to count. Every day something new comes to us, and we may hear in the morning about an idea that the evening erases with a more advanced and practical one;
So that our day that is passing has become like a distant past when compared to the coming days and the conditions and conditions that they carry.
There is no clearer proof of this than the suffix “digital or digital”, which prevailed in most of our words and conversations.
Governments have become digital, as well as knowledge and the economy, and their services, platforms and channels of communication, and even currencies have become digital as well.
The need today is the need to clarify concepts and simplify them in front of the general public, for the terms are abundant, and the vocabulary is also abundant, and all of them require their share of explanation and explanation, and there is no better forum for this than the forum of the press and media.
This introduction, albeit somewhat long, leads me to talk about a new term that has begun to resonate in the world of business and finance, which is “digital checks”, as one of the products of digital transformation of banking systems.
To clarify the picture, I say that the digital check is an electronic equivalent to the traditional paper check, except that it implements all check writing, signing, cashing and depositing operations electronically and via a secure network of communication, that is, it is a new tool for electronic payment, and a paperless means for settling financial transactions and transactions over the Internet, It is faster and more secure than its traditional counterpart, due to its advanced features, such as digital signature, authentication and encryption.
The idea of a digital check is based primarily on the existence of a platform for online banking services, in which a digital check deposit service is available, such as a website or a mobile application, where the role of the customer is to fill in the check form, while the bank, through its databases, verifies the validity of the information Bank accounts, such as the balance, signature, and others, and if they are approved, the bank deposits the amount directly into the account of the beneficiary or the payee.
Of course, this process is done entirely electronically, and through a complex computer system, which can be considered as a sophisticated system of artificial intelligence, based on encryption techniques and block chains (Blockchain), and works to process all data very quickly, at any hour of the day.
The advantages here are many and it is difficult to list them. Digital checks are issued and electronically disbursed through digital encryption techniques, and there is no room for fraud and forgery. The most important thing is that the bank electronically checks the customer’s history before issuing it, and therefore it guarantees it and prevents what may surround it from maliciousness and bad faith.
In addition, it is not restricted by time or place, crosses borders, shortens time and effort, and will lead to the disappearance of paper check books and its environmental repercussions, in addition to the fact that it retains the same legal force as paper checks.
The bottom line is that no one knows what the future holds for us with new and innovative, and perhaps a day will come when most aspects of our lives become digital and electronic;
However, the sure thing is that we will be the most prepared and ready, as we live in the UAE, the pioneer of scientific and technical excellence, and we live in it all the paths of digital transformation, guided by the visions of the wise leadership of His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the State, who filled aspects of eternity with exploits and achievements.
Founder of Suhail Smart Solutions
To read the previous articles of the writer please click on its name.