You can always tell the bank to make deposit to many Accounts. You do not need a cheque for that. My client don’t issue a cheque for these transfers, they just give the order and list all the recipient Accounts.
In a company having many projects for which every project has a cash account, a single transaction can be used to transfer cash to all project accounts.
The current process is limited. I didn’t know until I had to transfer cash into 6 different bank accounts on a single bank advice.
Even with a cheque you can always transfer funds into many other bank accounts in a single transaction. You just have to order the bank on a letter and get the right signatories to sign