| Commentary

34 Principles

| Commentary


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

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