| Commentary

34 Principles

| Commentary

4: CREDIT TRANSFERS

34 Principles1

Credit clearing or giro systems have existed in the United Kingdom since the late 1960s. The difference between a credit and a debit transfer is that in the former a transfer of funds is begun by the transferor’s request to his bank to make a payment (whether an individual payment or a recurring payment such as a standing order) and in the latter by the request of the payee made with the authority of the payer (eg a direct debit). Interbank transfers typically involve pre-printed forms supplied by the transferee (eg utility bills). The

To continue reading
View the latest version of this document, as well as thousands of others like it, sign in to LexisLibrary or register for a free trial