giro system

The reason for this change is to increase revenue from the lower 1969 post and giro system.

Giro systems which should lead to quicker and cheaper money transfers within the European Union are being set up.

All Nordic countries have used an interconnected international giro system since the 1950s, and in Sweden, cheques are now almost totally abandoned.

Giro systems date back at least to Ptolemaic Egypt in the 4th century BC.

Bankgiro is a Norwegian giro system used by all banks in the country, managed by Bankenes Betalingssentral (BBS).

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).

In 2001 the Postal Giro System was bought by Bankenes Betalingssentral and the year after the two giro systems merged, making the 60 year old postgiro system history.

In Finland, banks stopped issuing personal cheques in about 1993 in favour of giro systems, which are now almost exclusively electronically initiated either via internet banking or payment machines located at banks and shopping malls.