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A Giro | ||
A giro or (in The difference is one of 'push' versus 'pull'. That is, a cheque is a 'pull'-initiated transaction: the presentation of the cheque by the payee causes the payee's bank to seek the funds from the payer's bank, who then takes the funds from the payer's account if the funds exist. If they do not exist, then the cheque "bounces" (is returned to the payee with a message of insufficient funds). By contrast, a giro is a 'push'-initiated transaction: the payer directs his or her bank to take existing funds from his or her account and transfer them to the payee's bank, where the payee can then draw the funds out. As a result, a giro cannot "bounce", because the bank will only process the order if the payer has sufficient funds to cover the payment. However, this also means that the payer receives no benefit of "float". History and conceptGiro systems have been used at least since Postal Giro or Postgiro systems have a long and honourable 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 centralised, 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 Money could be paid in or withdrawn from the system at any post office, and later connections to the commercial banking systems were established, often by the convenience of the local bank opening its own account at the Postgiro. By the middle of the 20th century, most countries in continental The term "bank" 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 the "Giro". In the banking model, cheques are written by the remitter and then handed or posted to the payee, who must then visit a bank or post the cheque to his bank. The cheque must then be cleared, a complex process by which cheques are sorted once, posted to a central clearing location, sorted again, and then posted back to the paying branch where the cheque is finally checked and then paid. In the Postal Giro model Giro Transfers are sent through the post by the remitter to the Giro Centre. On receipt, the transfer is checked and the account transfer takes place. If the transfer is successful, the transfer document is sent to the recipient, together with an updated statement of account being credited. The remitter is also sent an updated statement. In the case of large utilities receiving thousands of transactions per day, statements would be sent electronically and incorporate a reference number uniquely identifying the remittance for reconciliation purposes. The rise of electronic cheque clearing (and debit cards as preferred instruments of payment) has made this difference less important than it once was. Copyright 2008 - France BtoB from Wikipédia
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