We do need the ability to easily clear same-day value payments in this country. In Europe, they have a fantastic system within the EU. SEPA payments can be done between individuals, companies, etc., cross-border and instantly. That doesn't really exist in Canada. The Interac e-transfer is an ok stop gap, but we need to move past that.

We don't really need cheques anymore, the technology is there. We should be able to post payment immediately via an online transaction to a specific account number as individuals.. No Canadian bank allows that today (outside of a $35-50 wire transfer with a $25 receipt fee). 

The impacts on commercial transactions are even larger. Millions are spent in wire fees for an outdated process that should not be so costly.