Many consumers in the U.S. and around the world use forms of online payments. While Giro transfer is a common form, other payment methods include, in addition to physical checks, electronic cheques (as well as online banking in the broadest sense), debit cards, mobile payments (in a series of application forms) and others. The Automated Clearing House (ACH) network has helped to promote the efficiency and security of wages, direct payments, tax refunds, consumer bills, tax payments and many services. Initially, the term «bank» was not used to describe the service. The banks` main payment instrument was based on the cheque, which has a totally different transfer model than a Giros. In the case of a bank transfer, the person who sends the funds (pay part) sends a request to the company to which he transmits the money. This request is sent to the Giro Center. The Giro Center verifies that the funds are available on the account of the payable party, and then debits them immediately. The modern electronic bill is similar to the use of Giro. The bank transfer was designed to help companies improve their creditworthiness of the goods and services they offer. Customers can pay by mail or online with a Giro transfer. Giro transfers have become a more accepted method of payment than cheques, as they offer security if they are lost or stolen.
Giro transfers can be settled faster than a standard check. Postgiro or Postgiro systems have a long history in European financial services. The basic concept is that of a banking system that is not based on cheques, but on a direct transfer between accounts. When accounting is centralized, transfers can be made simultaneously between accounts. The money could be deposited in any post office or removed from the system, and subsequent links with professional banking systems were established, often simply by the local bank that opened its own Postgiro account. In the postal model, the payer sends a request for payment from the recipient (transfer giron) to the Girocenter, which verifies whether the funds are available, debits the payer`s accounts according to the amount requested and credits that amount to the recipient`s account. The girocenter then sends the Giro transfer document to the recipient and an updated account statement to the payer and beneficiary. For large utilities that receive thousands of payments per day, bank statements are sent electronically and contain a single reference number for each payment for voting purposes.
The first scriptural silver deposits are not known accurately. The debit system itself can be traced back to the «bancherii» in northern Italy, especially on the Rialto (a financial center similar to Wall Street today). Originally, they were money changers sitting at their desks («bank» – bank) to which customers could turn. They offered an additional service to keep the money and allow a direct transfer from one change house to another by checking the accounts in their storage books. Literally, they opened a book, withdrew an amount, opened another book in which the amount was added. This manipulation was of course a very regional system, but it allowed money to be circulated in the books.