The document traces the history of banking and payments from 12,500 BC to the present day. It outlines key developments such as the first use of grain, cattle and obsidian as currency, the establishment of the world's first bank in Persia in 300 AD, the introduction of the first credit cards in the USA in the 1920s, and more recent developments like contactless payments, mobile banking and digital payment methods. The timeline shows the evolution of currency and payments over thousands of years from early bartering to modern digital transactions.
http://www.newgensoft.com/solutions/banking-finance/payments-solutions/cheque-truncation-system-cts/
There is a sweeping change in the way paper checks are being processed, cleared, and settled today. The most critical of these changes is the point-of-entry capture of check images, as far upstream in the process as possible. This is largely driven by the need for faster transactions fueled by a demanding customer base.
Newgen Check Image Clearing System (CICS) or Check Truncation System (CTS) reduces the time taken to clear checks by converting physical checks into high quality images very early on in the process. CTS is a web-based solution, enabling bank’s personnel to access the solution from any machine in the bank’s network. The check image is truncated at the presenting bank and seamlessly moves through various steps in the check-clearing cycle. Leveraging Newgen’s advanced imaging capabilities and internationally acclaimed BPM platform, the solution enables better customer services and enhanced operational efficiency for banks by cutting down on the overheads involved in physical clearing. It also leads to better reconciliation and prevention of fraud.
Origin, history and types of banking systemTalha Ali
Banks have been around since the first currency was formed
In the early days of ancient empires, temples were considered to be the safest place to keep valuable commodities.
http://www.newgensoft.com/solutions/banking-finance/payments-solutions/cheque-truncation-system-cts/
There is a sweeping change in the way paper checks are being processed, cleared, and settled today. The most critical of these changes is the point-of-entry capture of check images, as far upstream in the process as possible. This is largely driven by the need for faster transactions fueled by a demanding customer base.
Newgen Check Image Clearing System (CICS) or Check Truncation System (CTS) reduces the time taken to clear checks by converting physical checks into high quality images very early on in the process. CTS is a web-based solution, enabling bank’s personnel to access the solution from any machine in the bank’s network. The check image is truncated at the presenting bank and seamlessly moves through various steps in the check-clearing cycle. Leveraging Newgen’s advanced imaging capabilities and internationally acclaimed BPM platform, the solution enables better customer services and enhanced operational efficiency for banks by cutting down on the overheads involved in physical clearing. It also leads to better reconciliation and prevention of fraud.
Origin, history and types of banking systemTalha Ali
Banks have been around since the first currency was formed
In the early days of ancient empires, temples were considered to be the safest place to keep valuable commodities.
The Paraplanners' Perspective - Technology & the Advice ProcessIRESS
The Paraplanners's perspective - from the evolution of technology to how technology has enhanced the advice process and the role of Paraplanners'. Colin Sloss outlines his thoughts at a recent CISI Paraplanner workshop.
The history of credit card processing is a fascinating tale of innovation, technology, and the quest for convenience. Visit us at: https://webpays.com/credit-card-processing.html
In this paper, a brief overview of the history of money will be given and principles of what make money useful in business commerce. Then, categories with electronic money will be described and bring a distinction with electronic payment systems. Next, the impact electronic money has had in general in our globalized economy will be discussed. Then, opportunities that computer science has involved in the field of electronic money will be discussed such as in data security, privacy, and traceability. In addition, drawbacks and risks involved in the use of electronic money will be discussed. Finally, a summary will be made about the future expectations for electronic money in the global market place.
Financial innovation in the mauritian system (1)yudish002
A ppt about financial innovations in the Mauritian system. First some examples of financial innovations in the international market is explained and categorized under product, process and institutional innovations and then this is compared with financial innovations in the Mauritian system. When comparing innovations in the international market and Mauritian financial market, fields where Mauritius is lagging behind are pointed out.
Number of innovative products for making payment has developed in topical year, taking advantage of swift
Technological steps forward and financial market development. Transactions refined using these innovative products are accounting for a mounting proportion of the dimensions and value of domestic and cross-border retail payments. This paper is been framed based on the concept of payments made through Plastic Money. Plastic money is the alternative to the cash or the standard 'money'. Plastic money is referring to the credit cards or the debit cards that we use to make purchases in our everyday life. Plastic money is much more convenient to carry around, as you do not have to carry a huge sum of money with you. Though this plastic money comprises different payment channels, this paper is focusing to bring the conceptual framework of Credit Card.
The Paraplanners' Perspective - Technology & the Advice ProcessIRESS
The Paraplanners's perspective - from the evolution of technology to how technology has enhanced the advice process and the role of Paraplanners'. Colin Sloss outlines his thoughts at a recent CISI Paraplanner workshop.
The history of credit card processing is a fascinating tale of innovation, technology, and the quest for convenience. Visit us at: https://webpays.com/credit-card-processing.html
In this paper, a brief overview of the history of money will be given and principles of what make money useful in business commerce. Then, categories with electronic money will be described and bring a distinction with electronic payment systems. Next, the impact electronic money has had in general in our globalized economy will be discussed. Then, opportunities that computer science has involved in the field of electronic money will be discussed such as in data security, privacy, and traceability. In addition, drawbacks and risks involved in the use of electronic money will be discussed. Finally, a summary will be made about the future expectations for electronic money in the global market place.
Financial innovation in the mauritian system (1)yudish002
A ppt about financial innovations in the Mauritian system. First some examples of financial innovations in the international market is explained and categorized under product, process and institutional innovations and then this is compared with financial innovations in the Mauritian system. When comparing innovations in the international market and Mauritian financial market, fields where Mauritius is lagging behind are pointed out.
Number of innovative products for making payment has developed in topical year, taking advantage of swift
Technological steps forward and financial market development. Transactions refined using these innovative products are accounting for a mounting proportion of the dimensions and value of domestic and cross-border retail payments. This paper is been framed based on the concept of payments made through Plastic Money. Plastic money is the alternative to the cash or the standard 'money'. Plastic money is referring to the credit cards or the debit cards that we use to make purchases in our everyday life. Plastic money is much more convenient to carry around, as you do not have to carry a huge sum of money with you. Though this plastic money comprises different payment channels, this paper is focusing to bring the conceptual framework of Credit Card.
1. The first precursors to the
modern-day credit card appeared
in the USA. Named‘Charga Plates’,
the plates recorded the
transaction made and provided
the customer with a‘charge slip’.
1920
charga plates
The first credit cards, known as
Barclaycards, are issued outside
the USA.
1966
credit card
Appearing in New York, the
Diners card becomes the world’s
first modern day credit card,
allowing members to pay for
food and entertainment with it,
for an annual fee of $5.
1950
diners card
Barclays Bank successfully
installs the world’s first
Automated Teller Machine, in
Enfield Town, north London.
1967
teller machine
Apple introduced the iPhone
which sparked the smartphone
revolution, opening the door to
internet and mobile banking.
2007
Online banking grows in
popularity. Banks and utility
companies offer paperless
billing.
2005
paperless
£
By connecting a telephone to a
television, the Nottingham
Building Society becomes the
world’s first financial institution
to offer customers the first form
of internet banking with its
Homelink service.
1983
homelink
The Standard Credit Union
creates the first online banking
website in the USA.
1994
online banking
The first Wireless Application
Protocol enabled mobile banking
service appears in America.
1997
mobile banking
The first contactless payment
cards in the UK are introduced
by Barclays Bank.
2008
contactless
Cheques were used for the first
time in transactions between
China and Arabia.
900 AD
cheques
The world’s first bank appeared
in Persia (modern day Iran).
300 AD
bank
Chip & PIN is formally rolled out
across the UK.
2004
chip & pin
Rai stones, or stone money, are
large circular stone disks that
were used as currency on the
island of Yap.
1,400 AD
rai stones
Agiliti is set to accelerate the
transformation of UK financial
services. For more information
on this ground-breaking
technology, visit Fiserv.com and
follow the latest developments
by following @Fiserv.
2014
fiserv’s agiliti
American Express establishes a
worldwide credit card network.
Customers can take advantage of
the card for an annual fee of $6.
1958
american express
A Brief
Homosapiens used anatolian
obsidian (a raw material used for
stone-age tools) as a currency.
12,500 BC
obsidian
The first hand currency, named
the‘Shekel’, was used to define
bronze, copper or silver units
and appeared in Mesopotamia
(modern day Iraq).
900 BC
hand currency
Being a primary source of food,
grain and cattle were often used
as currency in the bartering
process.
9,000 BC
grain
HISTORY OF BANKING
12,500 - 900 bc
300 - 1,400 ad
1966 - 1983
1994 - 1997
2014
2004 - 2007
2008 -2014
1920 - 1958
The UK government introduces
Paym payments by mobile.
Consumers are now able to use
mobile numbers to make
payments to other users.
2014
paym
Metro Bank becomes one of the
first new UK high street banks to
be granted a banking licence by
the FSA in over 100 years. Its first
branch opens to the public in
Holborn, London.
2010
new entrants
Between 1,400 AD and 1920,
there were no significant
changes in the way payments
were made.
Slow Period
Agiliti from Fiserv
#futureofbankinguk
Sources:
12,500 BC - http://books.google.co.uk/books?id=EtiKg-
dv7C3IC&pg=-
PA141&dq=obsidian+trade&hl=en&sa=X&ei=h9vcT6bWCc
GH8gOlvKCOCw&redir_esc=y#v=onepage&q=obsidian%2
0trade&f=false
9,000 BC - http://arcana.wikidot.com/grain-based-lo-
cal-currency
900 BC - https://www.mint.com/ancient-mesopota-
mian-accounting-money-labor/
300 AD - http://www.bankingcareersinfo.com/
1,400 AD - http://www.sil.si.edu/smithsoniancontribu-
tions/HistoryTechnology/pdf_hi/SSHT-0023.pdf
1920 - http://www.historyofinformation.com/ex-
panded.php?id=2045
1950 - http://www.dinersclub.com/press-room/card-his-
tory.html
1950 - http://www.theukcardsassociation.org.uk/Ad-
vice_and_links/
1958 - https://secure.cmax.americanexpress.com/Inter-
net/GlobalCareers/Staffing/Shared/Files/our_story_3.pdf
1958 - http://www.theukcardsassociation.org.uk/Ad-
vice_and_links/
1966 - http://www.barclays.com/about-barclays/history/-
barclaycard.html
1966 - http://www.theukcardsassociation.org.uk/Ad-
vice_and_links/
1967 - http://www.barclays.com/about-barclays/history/-
cash-machines.html
1967 - http://www.theukcardsassociation.org.uk/Ad-
vice_and_links/
1983 - http://thefinancialbrand.com/25380/yodlee-histo-
ry-of-inter-
net-banking/?utm_source=feedburner&utm_medium=fee
d&utm_campaign=Feed:+thefinancialbrand+
1983 - http://www.theukcardsassociation.org.uk/Ad-
vice_and_links/
1994 - http://thefinancialbrand.com/25380/yodlee-histo-
ry-of-inter-
net-banking/?utm_source=feedburner&utm_medium=fee
d&utm_campaign=Feed:+thefinancialbrand+
1997 - http://feed.ne.ci-
sion.com/wpyfs/00/00/00/00/00/00/90/2E/bit0002.pdf
1999 - https://www.paypal-media.com/history
2004 - http://www.theukcardsassociation.org.uk/Ad-
vice_and_links/
2008 - http://www.theukcardsassociation.org.uk/Ad-
vice_and_links/
2010 - https://www.metrobank.london/
2014 - http://www.paym.co.uk/
