1368:
does not need to be evaluated, as he can initiate the transaction only if he already has sufficient funds. As such, the payer does not have the benefit of paying on credit. 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.g. interpersonal trade is relatively easy, and giro payments should be only made to known and trusted payees. Also, even though intra-bank transfer can be quick, interbank transfers can take several days, and they are often executed only on
152:
1235:" = bench) that customers could turn to. 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, and 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 1619 (in
1003:
1023:
36:
1013:
1305:) to the giro centre, which verifies that the funds are available, debits the payer's accounts by the amount requested, and credits that amount to the payee's account. 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
1367:
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. The creditworthiness of the payer
1335:
Unlike the banking model, the postal giro model allows an individual to transfer money directly into another individual's bank account, provided the sender has the recipient's account details. The recipient is not required to approve or acknowledge the transfer or visit the bank to claim it. As a
1417:
Payments made electronically can be less expensive to the payer; typically electronic payments may cost around $ 0.25 (US) whereas it could cost up to $ 2 (US) to generate, print and mail a paper cheque. Banks may not even charge for the service at all; for example many banks in the
1355:
Direct deposit systems such as those in common use in the United States, by contrast, require the recipient's explicit approval, typically provided by filling out a form. Transferring funds from one personal bank account to another typically requires either a physical check or a
1251:, then 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.
1262:
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.
1246:
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
1292:, a complex process by which cheques are sorted once, mailed to a central clearing location, sorted again, and then mailed back to the paying branch, which verifies that the funds are available and pays the payee's bank.
1480:
with giro invoices in the standard formats, which can be scanned by a mobile banking app, have their numbers manually typed in to a web form, or physically presented to a bank in the traditional manner.
1239:, "Banco del Ziro") which gave the blueprint for similar banking systems. The usage in German can be seen in the Banco del Giro founded in Vienna in 1703 (to extend the financing business that
1270:" was not used initially to describe the service. The banks' main payment instrument was based on the cheque, which has a totally different remittance model from that of a giro.
1328:, 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
1288:
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 their bank. The cheque must then be
1476:), enters it to the form on the bank website, and submits the form. The payment is immediately deducted from the account balance. This is common in
1204:
in the 4th century BCE. State granary deposits functioned as an early banking system, in which giro payments were accepted, with a central bank in
1254:
By the middle of the 20th century, most countries in continental Europe had a postal giro service. The first postgiro system was established in
1567:
1309:
receiving thousands of payments per day, statements are sent electronically and incorporate a unique reference number for each payment for
1122:
has a similar model. Giros are primarily used in Europe; although electronic payment systems exist in the United States (e.g., the
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In entirely electronic bill payment, the payer receives a bill—either physically by mail or electronically from a website (
100:
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as preferred instruments of payment) has made this difference less important than it once was. In some stores in the
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1468:). Then, the payer reads in the information from the bill, either manually or by using the barcode on the bill (ex:
79:
216:
53:
800:
551:
57:
86:
1219:
The first occurrences of book money are not known exactly. The giro system itself can be traced back to the "
954:
897:
924:
301:
1227:(a financial centre, resembling the modern day Wall Street or the City of London). Originally these were
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68:
1422:
charge nothing for electronic payments inside the SEPA (Single Euro
Payments Area), provided the proper
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8:
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27:
Payment transfer from one bank account to another bank account and initiated by the payer
1618:
1505:
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1433:
The payment error rates and subsequent reconciliation issues are significantly reduced.
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result, cheques are rarely used in countries with extensive giro networks, such as
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372:
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211:
186:
504:
1473:
1454:
1419:
1372:, unless both parties are members of an instant transfer system such as the UK
1306:
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in the early 19th century. By the time the
British postgiro was conceived, the
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688:
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1646:
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1228:
984:
964:
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842:
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176:
166:
1458:
1369:
1317:
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1516:
1511:
1469:
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1408:
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1126:), it is not possible to perform third-party transfers with them. In the
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1321:
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to another bank account and initiated by the payer, not the payee. The
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1596:. Oxford University Press – via Oxford English Dictionary.
1414:
There is no paper cheque that can be lost, stolen, or forgotten.
1500:
1490:
1477:
1224:
1177:
meaning "circulation of money". The
Italian term comes via the
433:
1568:"RBI Committee suggests GIRO based Indian Bill Payment System"
1301:, the paying party sends a request to pay the payee (called a
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to be executed to any euro bank account in the area.
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1570:. Reserve Bank of India. 7 May 2013. Archived from
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60:. Unsourced material may be challenged and removed.
1644:
1621:, Roy Davies & Glyn Davies, 1996 & 1999.
1453:, handles all interbank transfers, including
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383:Transaction (checking / current)
120:Learn how and when to remove this message
1223:" in Northern Italy, especially on the
14:
1645:
1195:
1544:
1542:
1012:
58:adding citations to reliable sources
29:
1631:Zweites Deutsches Fernsehen (ZDF).
1619:"A Comparative Chronology of Money"
1399:Instant access to the funds via an
1200:Giro systems date back at least to
24:
1560:
1316:In the United States, the rise of
1243:had brought from Venice in 1670).
1114:), is a payment transfer from one
25:
1669:
1539:
1150:The word "giro" is borrowed from
1134:(SEPA) allows electronic giro or
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1392:is similar to the use of giro.
45:needs additional citations for
1624:
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1586:
1208:. Giro was a common method of
1186:meaning "gyre" from the Greek
801:Strategic financial management
13:
1:
1532:
1508:, a similar service in Canada
955:Sustainable development goals
1188:
7:
1484:
10:
1674:
1318:electronic cheque clearing
1168:, which are both from the
706:Fractional-reserve banking
634:Enterprise risk management
1430:account numbers are used.
1132:Single Euro Payments Area
609:Diversification (finance)
1273:
1231:sitting at their desk ("
1124:Automated Clearing House
559:Automated teller machine
1554:www.merriam-webster.com
1390:electronic bill payment
1384:Electronic bill payment
1374:Faster Payments Service
1145:
806:Stress test (financial)
1182:
1173:
1164:
1155:
1069:, often shortened to
980:Too connected to fail
741:Investment management
639:Environmental finance
498:Correspondent account
192:Community development
1550:"Definition of GIRO"
1451:Federal Reserve Bank
1395:Advantages include:
1116:current bank account
878:Exchange traded fund
756:Mathematical finance
716:Fundamental analysis
711:Full-reserve banking
317:Bank holding company
227:Export credit agency
135:Part of a series on
54:improve this article
1196:History and concept
970:Time value of money
796:Statistical finance
786:Sustainable finance
736:Investment advisory
378:Time deposit (Bond)
69:"Giro" banking
1574:on 6 December 2014
1506:Interac e-Transfer
1466:electronic billing
1378:Interac e-transfer
1241:Samuel Oppenheimer
1192:meaning "circle".
945:Security (finance)
920:History of banking
816:Structured product
811:Structured finance
624:Economic expansion
137:financial services
1298:postal giro model
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858:Corporate finance
853:Capital structure
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975:Too big to fail
960:Systematic risk
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863:Cost of capital
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746:Islamic banking
726:Hedge (finance)
649:Ethical banking
619:Economic bubble
594:Climate finance
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1606:Glyn Davies,
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1303:giro transfer
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925:List of banks
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71: –
70:
66:
65:Find sources:
59:
55:
49:
48:
43:This article
41:
37:
32:
31:
19:
1626:
1614:
1607:
1602:
1588:
1576:. Retrieved
1572:the original
1562:
1553:
1463:
1459:direct debit
1436:
1394:
1387:
1376:or Canada's
1362:
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1199:
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1138:payments in
1070:
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1064:
898:participants
771:Pension fund
579:Asset growth
574:Bank secrecy
487:
449:Bill payment
368:Money-market
338:
321:
202:Credit union
116:
110:October 2007
107:
97:
90:
83:
76:
64:
52:Please help
47:verification
44:
1594:"giro, n.2"
1578:29 November
1512:Money order
1470:EPC QR Code
1443:ACH Network
1409:cheque card
1365:credit risk
1342:Netherlands
1330:ACH Network
1322:debit cards
1249:centralised
930:Market risk
821:Toxic asset
791:Speculation
679:engineering
217:Development
197:Cooperative
1647:Categories
1533:References
1527:Remittance
1405:debit card
1313:purposes.
1266:The term "
1206:Alexandria
1136:debit card
1120:debit card
903:regulation
552:management
547:allocation
444:Electronic
237:Industrial
232:Investment
212:Depository
187:Commercial
80:newspapers
1633:"Terra X"
1380:service.
1307:utilities
1221:bancherii
883:Financial
674:economics
654:Financial
520:BRICS PAY
312:Wholesale
307:Universal
207:Custodian
1522:Pay stub
1517:Paycheck
1496:Girobank
1485:See also
1449:and the
1348:and the
1237:Venetian
1007:Category
699:services
684:forecast
659:analysis
564:Bad debt
350:Accounts
335:Accounts
272:Payments
262:Offshore
242:Merchant
167:Advising
18:Postgiro
1653:Banking
1472:in the
1437:In the
1388:Modern
1346:Belgium
1338:Germany
1295:In the
1290:cleared
1286:cheques
1278:In the
1256:Austria
1170:Italian
1159:and/or
1017:Commons
694:planner
664:analyst
412:Prepaid
373:Savings
363:Deposit
297:Savings
282:Private
257:Neobank
182:Central
144:Banking
94:scholar
1501:Hawala
1491:Boleto
1478:Sweden
1441:, the
1340:, the
1233:bancus
1225:Rialto
1161:German
1130:, the
1027:Portal
950:Shares
913:system
893:market
454:Mobile
434:Cheque
402:Credit
337:
292:Retail
287:Public
222:Direct
96:
89:
82:
75:
67:
1447:NACHA
1320:(and
1274:Model
1260:Dutch
1189:gyros
1183:gyrus
1179:Latin
1152:Dutch
1140:euros
669:asset
542:Asset
532:Terms
493:SWIFT
407:Debit
389:Cards
342:Cards
101:JSTOR
87:books
1580:2014
1457:and
1428:IBAN
1426:and
1363:The
1268:bank
1174:giro
1165:giro
1156:giro
1146:Name
1071:giro
908:risk
751:Loan
689:plan
589:Cash
515:SPFS
510:CIPS
488:Giro
466:RTGS
461:Wire
439:Card
172:Banq
73:news
1424:BIC
1407:or
1401:ATM
1212:in
1104:ɪər
888:law
644:ESG
505:CLS
478:ACH
397:ATM
56:by
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