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Standing Order (banking)
__NOTOC__ A standing order (or a standing instruction) is an instruction a bank account holder ("the payer") gives to their bank to pay a set amount at regular intervals to another's ("the payee's") account. The instruction is sometimes known as a banker's order. They are typically used to pay rent, mortgage or any other fixed regular payments. Because the amounts paid are fixed, a standing order is not usually suitable for paying variable bills such as credit cards or gas and electricity bills. Standing orders are available in the banking systems of a number of countries, including Germany, Bulgaria, the United Kingdom, Barbados, Ireland, India, Netherlands, Russia, Pakistan, Malaysia, Ukraine, Sri Lanka, Bangladesh and presumably many others. In the United States, and other countries where cheques are more popular than bank transfers, a similar service is available, in which the bank automatically mails a cheque to the specified payee. In Canada, the Interac network holds a mono ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bank Account
A bank account is a financial account maintained by a bank or other financial institution in which the financial transaction A financial transaction is an Contract, agreement, or communication, between a buyer and seller to exchange goods, Service (economics), services, or assets for payment. Any transaction involves a change in the status of the finances of two or mo ...s between the bank and a customer are recorded. Each financial institution sets the terms and conditions for each type of account it offers, which are classified in commonly understood types, such as deposit accounts, credit card accounts, current accounts, loan accounts or many other types of account. A customer may have more than one account. Once an account is opened, funds entrusted by the customer to the financial institution on deposit are recorded in the account designated by the customer. Funds can be withdrawn from the accounts in accordance with their terms and conditions. The financial transac ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United States
The United States of America (USA), also known as the United States (U.S.) or America, is a country primarily located in North America. It is a federal republic of 50 U.S. state, states and a federal capital district, Washington, D.C. The 48 contiguous states border Canada to the north and Mexico to the south, with the semi-exclave of Alaska in the northwest and the archipelago of Hawaii in the Pacific Ocean. The United States asserts sovereignty over five Territories of the United States, major island territories and United States Minor Outlying Islands, various uninhabited islands in Oceania and the Caribbean. It is a megadiverse country, with the world's List of countries and dependencies by area, third-largest land area and List of countries and dependencies by population, third-largest population, exceeding 340 million. Its three Metropolitan statistical areas by population, largest metropolitan areas are New York metropolitan area, New York, Greater Los Angeles, Los Angel ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Overdraft
An overdraft occurs when something is withdrawn in excess of what is in a current account. For financial systems, this can be funds in a bank account. In these situations the account is said to be "overdrawn". In the economic system, if there is a prior agreement with the account provider for an overdraft, and the amount overdrawn is within the authorized overdraft limit, then interest is normally charged at the agreed rate. If the negative balance exceeds the agreed terms, then additional fees may be charged and higher interest rates may apply. By analogy, overdrafting of an aquifer refers to extraction of water faster than it will be replenished. History in finance The first overdraft facility was set up in 1728 by the Royal Bank of Scotland. The merchant William Hogg was having problems in balancing his books and was able to come to an agreement with the newly established bank that allowed him to withdraw money from his empty account to pay his debts before he received h ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
GoCardless
GoCardless is a fintech company that specialises in bank payments including recurring payments, Direct Debit processing and Open Banking. GoCardless is headquartered in London. GoCardless provides a payment gateway that enables businesses to set up and manage payments, subscriptions and invoices with automated payment processing. As of 2022, GoCardless reportedly processes $30 billion worth of transactions annually and operates in the UK, European Union, Australia, New Zealand, Canada and the United States. History GoCardless was founded in 2011 by Hiroki Takeuchi, Matt Robinson, and Tom Blomfield, who were students at Oxford University at the time. The company's initial focus was on providing a platform for small and medium-sized businesses to collect recurring payments via direct debit. In 2012, the company received £1.5 million in funding from investors, including Y Combinator, Google Ventures, Salesforce and Accel Partners. In 2013, GoCardless launched its service ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
UK Payments
The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom (UK) or Britain, is a country in Northwestern Europe, off the coast of the continental mainland. It comprises England, Scotland, Wales and Northern Ireland. The UK includes the island of Great Britain, the north-eastern part of the island of Ireland, and most of the smaller islands within the British Isles, covering . Northern Ireland shares a land border with the Republic of Ireland; otherwise, the UK is surrounded by the Atlantic Ocean, the North Sea, the English Channel, the Celtic Sea and the Irish Sea. It maintains sovereignty over the British Overseas Territories, which are located across various oceans and seas globally. The UK had an estimated population of over 68.2 million people in 2023. The capital and largest city of both England and the UK is London. The cities of Edinburgh, Cardiff and Belfast are the national capitals of Scotland, Wales and Northern Ireland. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Faster Payments
The Faster Payments Service (FPS) is a United Kingdom real-time gross settlement system which facilitates transfers between different banks' customer accounts within a few seconds. The system offers faster settlement times than the long-established BACS and CHAPS systems. FPS processes a large volume of small payments, subject to limits set by the individual banks, with some allowing Faster Payments of up to £1million. Transfer time, while expected to be short, is not guaranteed, nor is it guaranteed that the receiving institution will immediately credit the payee's account. On 1 May 2018 the Bank of England announced that the New Payment System Operator (NPSO), which had been rebranded as Pay.UK in 2017, had taken over responsibility for the operation of the Bacs and Faster Payments systems and Faster Payments announced that it had become a subsidiary company of Pay.UK. Background In November 1998 the UK Treasury commissioned the Cruickshank Report, a review of competitio ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
UK Payments Administration
The Pay.UK (formerly UK Payments Administration) is a United Kingdom service company that provides people, facilities and expertise to the UK payments industry. UKPA was created on 6 July 2009, as a successor of the ''Association for Payment Clearing Services'' (''APACS'') to support the systems behind UK payments, such as Bacs, CHAPS and the Cheque and Credit Clearing Company. APACS had been created in 1985 to oversee the majority of UK payment clearing systems and keep their operational efficiency and integrity in order. History The organization was created to amalgamate the United Kingdoms domestic payment systems that had been operating separately for over 50 years. This included the Cheque and Credit Clearing Company, Bacs, cheque image clearing system, and Faster Payments. Former UK prime minister Theresa May Theresa Mary May, Baroness May of Maidenhead (; ; born 1 October 1956), is a British politician who served as Prime Minister of the United Kingdom and ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Direct Debit
A direct debit or direct withdrawal is a financial transaction in which one organisation withdraws funds from a payer's bank account. Formally, the organisation that calls for the funds ("the payee") instructs their bank to collect (i.e., debit) an amount directly from another's ("the payer's") bank account designated by the payer and pay those funds into a bank account designated by the payee. Before the payer's banker will allow the transaction to take place, the payer must have advised the bank that they have authorized the payee to directly draw the funds. It is also called pre-authorized debit (PAD) or pre-authorized payment (PAP). After the authorities are set up, the direct debit transactions are usually processed electronically. Direct debits are typically used for recurring payments, such as credit card and utility bills, where the payment amounts vary from one payment to another. However, when the authorization is in place, the circumstances in which the funds are drawn ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Single Euro Payments Area
The Single Euro Payments Area (SEPA) is a payment integration initiative of the European Union for simplification of bank transfers denominated in euros. , there were 41 members in SEPA, consisting of the 27 member states of the European Union, the four member states of the European Free Trade Association (Iceland, Liechtenstein, Norway and Switzerland), and the United Kingdom. Some microstates participate in the technical schemes: Andorra, Monaco, San Marino, and Vatican City. By 2025, Albania, Moldova, Montenegro, North Macedonia and Serbia were 5 countries negotiating to join the EU already included in SEPA. SEPA covers predominantly normal bank transfers. Payment methods which have additional optional features or services, such as Mobile payments in India, mobile phone or smart card payment systems, are not directly covered. However, the instant SEPA payment scheme facilitates payment products also on smart devices. Goals The aim of SEPA as stated in 2008 was to improve ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Canadian Imperial Bank Of Commerce
The Canadian Imperial Bank of Commerce (CIBC; ) is a Canadian Multinational corporation, multinational banking and financial services corporation headquartered at CIBC Square in the Financial District, Toronto, Financial District of Toronto, Ontario. The Canadian Imperial Bank of Commerce was formed through the 1961 merger of the Canadian Bank of Commerce (founded in 1867) and the Imperial Bank of Canada (founded in 1873), in the largest merger between chartered banks in Canadian history. It is one of two Big Five banks of Canada, "Big Five" banks founded in Toronto, the other being the Toronto-Dominion Bank. The bank has four strategic business units: Canadian Personal and Business Banking, Canadian Commercial Banking and Wealth Management, U.S. Commercial Banking and Wealth Management, and Capital Markets. It has international operations in the United States, the Caribbean, Asia, and United Kingdom. Globally, CIBC serves more than eleven million clients, and has over 40,000 emp ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Interac
Interac is a Canadian interbank network that links financial institutions and other enterprises for the purpose of exchanging electronic financial transactions. Interac serves as the Canadian debit card system and the predominant funds transfer network via its e-Transfer service. There are over 59,000 automated teller machines that can be accessed through the Interac network in Canada, and over 450,000 merchant locations accepting Interac debit payments. History The network was launched in 1984 through the nonprofit Interac Association, a cooperative venture between five financial institutions: RBC, CIBC, Scotiabank, TD, and Desjardins; by 2010, there were over 80 member organizations. The group founded a for-profit counterpart organization, Acxsys, in 1996, which launched additional Interac-branded services including e-transfers. Following several aborted merger attempts which were either blocked by the Competition Bureau or by some of the co-owners between 2008 and ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
