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Etymology[ edit ] Look up Centralised banking system in Wiktionary, the free dictionary. State granary deposits functioned as an early banking system, in which giro payments were accepted, with a central bank in Alexandria.
The first occurrences of book money are not known exactly. The giro system itself can be traced back to the "bancherii" in Northern Italy, especially on the Rialto a financial center, resembling the modern day Wall Street.
They offered an additional service to keep the money and to allow direct transfer from one money store to another by checking the accounts in their storage books.
Literally they opened one book, withdrew an amount, opened another book where the amount was added. This handling was naturally a very regional system but it allowed the money to circulate in the books.
This led finally to the foundation of the "Banco del Giro" in  in Venetian languageBanco del Ziro which gave the blueprint for similar banking systems. The usage in German language can be seen in the Banco del Giro founded in Vienna in to extend the financing business that Samuel Oppenheimer had brought from Venice in Postal giro or postgiro systems have a long history in European financial services.
The basic concept is that of a banking system not based on cheques, but rather by direct transfer between accounts. If the accounting office is centralisedthen transfers between accounts can happen simultaneously. Money could be paid in or withdrawn from the system at any post office, and later connections to the commercial banking systems were established, often simply by the local bank opening its own postgiro account.
By the middle of the 20th century, most countries in continental Europe had a postal giro service. The first postgiro system was established in Austria on the early 19th century. By the time the British postgiro was conceived, the Dutch postgiro was very well established with virtually every adult having a postgiro account, and very large and well used postgiro operations in most other countries in Europe.
Banks also adopted the giro as a method of direct payment from remitter to receiver. The term " bank " was not used initially to describe the service. Model[ edit ] In the banking model, cheques are written by the paying party and then handed or mailed to the payee, who must then visit a bank or mail the cheque to his or her bank.
The giro centre then sends the giro transfer document to the recipient, and an updated account statement to both the payer and payee. In the case of large utilities receiving thousands of payments per day, statements are sent electronically and incorporate a unique reference number for each payment for reconciliation purposes.
In the United States, the rise of electronic cheque clearing and debit cards as preferred instruments of payment has made this difference less important than it once was. In some stores in the United States checks are scanned at the cash register and handed back to the customer.
The scanned information is forwarded to a payment processor, which transfers the money using the Automated Clearing House ACH network. The recipient is not required to approve or acknowledge the transfer or visit the bank to claim it.
As a result, cheques are rarely used in countries with extensive giro networks, such as Germany, the Netherlands, Belgium and the Nordic countries. Transferring funds from one personal bank account to another typically requires either a physical check or a wire transferwhich may incur a significant fee and require the paying party to visit the bank.
The credit risk with respect to the actual transfer of physical currency is assumed by the giro operators, such as banks, as interbank credit risk.
For the payer and payee, giro does not involve credit, unlike cheques or credit cards. This is both an advantage and a disadvantage. However, the disadvantage is that the transactions are unsecured.
The payer lacks the sort of protections against dishonest payees that come with credit cards. Transactions cannot be recalled or disputed after the fact. Thus, committing fraud in e. Also, even though intra-bank transfer can be quick, interbank transfers can take several days, and they are often executed only on business days.
Electronic bill payment[ edit ] Modern electronic bill payment is similar to the use of giro. Instant access to the funds via an ATMdebit card or cheque card.
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There is no paper cheque that can be lost, stolen, or forgotten. The payment error rates and subsequent reconciliation issues are significantly reduced. In entirely electronic bill payment, the payer receives a bill — either physically by mail or electronically from a website electronic billing.
Then, the payer reads in the information from the bill, either manually or by using the barcode on the bill ex: The payment is immediately deducted from the account balance. Cultural significance[ edit ] Before the use of electronic transfers of payments became the norm in the United Kingdom the fortnightly "giro" payment was the normal way of distributing benefit payments.
When unemployment peaked in the s, large numbers of people would receive their benefit payment on the same day leading the concept of Giro Day, marked by the settlement of small debts and a noticeable increase in drinking, partying, and festive activities.ESMA has published the responses received to the Consultation Paper no.6 on the Clearing Obligation under EMIR.
Bharat Bill Payment System (BBPS) is an RBI initiative that offers accessible and interoperable bill payment services to consumers across India.
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