Bankgiro is a Norwegian giro system used by all

bank A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets. Because ...

s in the country, managed by Bankenes Betalingssentral (BBS). The system allows arbitrary transactions between private accounts in all Norwegian accounts using

Norwegian krone The krone (, abbreviation: kr (also NKr for distinction); code: NOK), plural ''kroner'', is currency of the Kingdom of Norway (including Svalbard). Traditionally known as the Norwegian crown in English. It is nominally subdivided into 100 ''� ...

. It is optimised for online banking, though it is also available via the post ( Brevgiro), using a

telephone A telephone is a telecommunications device that permits two or more users to conduct a conversation when they are too far apart to be easily heard directly. A telephone converts sound, typically and most efficiently the human voice, into e ...

( Telegiro) or based on automation, including the services Avtalegiro,

Autogiro An autogyro (from Greek and , "self-turning"), also known as a ''gyroplane'', is a type of rotorcraft that uses an unpowered rotor in free autorotation to develop lift. Forward thrust is provided independently, by an engine-driven propeller. Whi ...

and eFaktura. The system dates back to 1973 when the

commercial bank A commercial bank is a financial institution which accepts deposits from the public and gives loans for the purposes of consumption and investment to make profit. It can also refer to a bank, or a division of a large bank, which deals with cor ...

s and the saving banks created a common system that could compete with the Postgiro system used by the postal bank, Postbanken. Use of Bankgiro was free until 1985. In the late 1990s, Postgiro was bought out by BBS and Postbanken went over to using Bankgiro.

References

Banking technology Payment clearing systems {{europe-bank-stub

See also

References