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Giro systems originated in Ptolemaic Egypt in the 4th century BCE, where state granary deposits functioned as an early banking system with a central bank in Alexandria [5] accepting giro payments. Giro was a common method of money transfer in early banking. The first occurrences of book money are not known exactly.
Bankgirot is a proprietary clearing system (a giro) in Sweden used for transactions such as bill payments. It is owned by multiple Swedish banking conglomerates. The clearing system is connected with the banks enabling payments to be received directly into bank accounts.
Short Payment Descriptor uses the ideas from the vCard (by the structure) and SEPA payment (semantics). It is designed to be compact, human readable and therefore, easy to implement. The format is based on defined key-value pairs and it can be extended by proprietary attributes (using the "X-" prefix).
The fundamental difference is that standing orders send payments arranged by the payer, while direct debits are specified and collected by the payee. [4] A standing order can be set up and modified only by the payer, and is for amounts specified by the payer to be paid at specified times (usually a fixed amount at a specified interval examples).
Bankgiro is a Norwegian giro system used by all banks in the country, managed by Bankenes Betalingssentral (BBS). [1] The system allows arbitrary transactions between private accounts in all Norwegian accounts using Norwegian krone.
Credit transfer: non-immediate transfer of funds between accounts at different financial institutions for payments by retail customers and non-urgent business-to-business payments. Direct debit payment of consumer bills such as mortgages, loans, utilities, insurance premiums, rents, and any other regular or membership style payment. These type ...
Postal giro, retail banking National Girobank was a British public sector financial institution run by the General Post Office that opened for business in October 1968. [ 1 ] It was initially called National Giro [ 2 ] [ 3 ] then National Girobank and finally Girobank plc , before being absorbed into Alliance & Leicester in 2003.
A direct debit or direct withdrawal is a financial transaction in which one organisation withdraws funds from a payer's bank account. [1] Formally, the organisation that calls for the funds ("the payee") instructs their bank to collect (i.e., debit) an amount directly from another's ("the payer's") bank account designated by the payer and pay those funds into a bank account designated by the ...