The Revolution of the Practice of Payment

The Revolution of the Practice of Payment

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In the following part, we want to follow a very similar approach and narrate the revolution of the practice of payments in four phases from coins and notes to plastic money. I am on the farmers market in the town centre surrounded by market criers praising their fresh food and clothes.

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Cackling, mooing, mowing — I can not only hear the unsettling sounds of the cattle next to me, but feel their half-frozen excrements and bowels under my feet. Eased by the heavy coins in my pocket, I approach one of the chatting merchants. Potatoes, carrots, cabbage, a piece of pork — it is not much that you can get in wintertime and this little is most expensive.

Two half-guineas with the head of George III change their owner — only three are left for this week in the tinned box. In the very warmth of my home. The only remaining sound this late at night comes from the open fireplace opposite my rest on the sofa. My computer on my lap, I always start with Amazon especially by the end of the month — I love my credit card.

Thank you, flexible friend! The development of payment practices can be presented in four stages. The first phase as depicted in Scene 1 , was dominated by the metal coin. Coins as a means of payment were originally introduced by the Lydians Galbraith, , but became a standard essentially by the Romans and the European rulers Davies, Payment in the west entered a second phase with the advancement of banking, credit and trade essentially in Italy in the early 17th Century as bank-debt-notes.

The government itself introduced its first gold-backed paper moneys in America after Galbraith, In this third phase, the pure form of paper money was born. We are still part of the coin and paper money phase, but payment is increasingly handled with plastic money Ritzer, , These four stages will serve as a framework for the following description of the revolution of payment practices. One might say, that material is decreasingly important in the practice of payment looking at the development from stage one to four.

Although it is generally necessary to note that we are still handling the more material forms, namely coins and paper, the argument stresses the development towards dematerialisation. Materiality plays a crucial role when paying with coins and commodity money in particular.

Here, material is the inherent denomination of value. Materiality in this form of payment is thus crucial for the actual act, it makes the means of payment valuable. Already with the invention of the note, one can argue, we arrived at dematerialised money and payment.

Instead of gold ingots or coins, it was since then possible to make a payment handing over a slip of paper making a promise, a bank or government note. Materiality was to a certain extent still there — negligibly in the paper form of the note itself and more decisively as gold in the background. After this gold standard, the crucial form of materiality was lost. This can be seen as the second stage of dematerialisation of the practice of payment. With the arrival of plastic money after , a further level of dematerialisation was added.

Payment was possible even without notes or coins, but solely with a bank, a debit or credit card — plastic money.

For the clarity of the argument, we furthermore need to exclude any kind of bank transfer from the argumentation. Our analysis is limited to different forms of monetary payments. Economics - Macro-economics, general. BWL - Handel und Distribution. Informatik - Angewandte Informatik.

Healthcare Quality and Payment Reform » A Revolution in Payment Reform Has Started

Informatik - Internet, neue Technologien. BWL - Personal und Organisation. GRIN Publishing, located in Munich, Germany, has specialized since its foundation in in the publication of academic ebooks and books. The publishing website GRIN. Free Publication of your term paper, essay, interpretation, bachelor's thesis, master's thesis, dissertation or textbook - upload now!

Register or log in. Our newsletter keeps you up to date with all new papers in your subjects. Request a new password via email. Performance After the above notions of inclusion [1] forming the core of our theory of practice, it is important to stress a third characteristic, namely performance. Scene 2 Late August With over 10, active FIs in the US, this is a huge undertaking.

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Seven of the largest US banks are currently on the network, with the remaining top 20 expected to connect directly to the RTP network imminently. There is also traction across other tiers of the US banking sector — driven by increasing advocacy across the finance sector, and a growing number of opportunities to connect to RTP. Further momentum is expected to build as banks that have held back now face growing pressure from clients to deliver new capabilities — and increasing competition from those who have implemented RTP and are able to offer significant added value to clients.

Given the benefits of and demand for RTP, FIs need to develop a strategy regarding their approach to real-time payments if they are to meet evolving client expectations.

Time for Real-Time Payments: Banks Embracing the Payments Revolution

Of course, investing in a new payments infrastructure and connecting directly to the RTP network can present a significant challenge, and may be beyond the reach of many FIs. But outsourcing some or all of the capabilities by partnering with a correspondent bank can considerably reduce the level of investment required, as well as the time to market, thereby enabling institutions to modernise their payment solutions efficiently and effectively, and offer a cutting-edge transaction experience to end-clients.

Save PDFs of your favorite articles, authors and companies. Bookmark this article, or add to a list of your favorites within mytmi. Treasury Leaders Turbocharging Treasury: Read this case study to find out how Aspen streamlined its bank account management and sped up its payment process.

Have cheque, will pay: the revolution in paper payments continues

To adapt to converging macro trends and the convergence between technology and business models, new finance and treasury management priorities are emerging, enabled by new treasury solutions and techniques. Discover these new trends, priorities and solutions with this instructive infographic.

For treasurers operating in the MENA region, there are exciting opportunities to embrace the digitisation wave, improve workflows, optimise working capital, and deliver even greater strategic value to the business. A rising rate environment can be challenging to even the most sophisticated fixed income investors.

In this unpredictable environment, an actively managed ultra-short-duration strategy could be the optimal liquidity solution for treasurers. While all reasonable care has been taken to ensure the accuracy of the publication, the publishers cannot accept responsibility for any errors or omissions. No paragraph or other part of this publication may be reproduced or transmitted in any form by any means, including photocopying and recording, without the written permission of P4 Publishing Ltd or in accordance with the provisions of the Copyright Act as amended.

Such written permission must also be obtained before any paragraph or other part of this publication is stored in a retrieval system of any kind. Please login to access your profile. Banks Embracing the Payments Revolution. Time for Real-Time Payments:

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