Our guild does all of our community quilts this way. We cut the backing about 1 1/4" larger all around after it has been quilted. Fold it in half once and then fold again down to your stitching line and top stitch neatly. Use a decorative stitch if you wish. You can even mitre the corners with this method. This was the method that my now almost 90 year old mother-in-law taught me as it was the only way she knew how to bind quilts, so it has been used for a long time. It seems to wear well and this width of binding makes it hard to tell that you haven't used a separate binding. It is also much faster to complete and no one but a quilter would even notice.