By F. P. Thomson, N. Skene Smith
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Additional resources for Giro Credit Transfer Systems. Popular International Facilities for Economic Efficiency
5. The The The The The serial number of the cheque. bank and branch code number. remitter's account number. transaction code number. amount remitted. Items Nos. 1 to 4 are printed across the cheques of each bank customer before delivery to him and are usually bound in a cheque book containing similarly coded credit lodgement slips. Although bankers appear optimistic as to the ultimate success of mechanisation methods, it is likely that the rugged individualism and the latitude left for individual preferences may complicate the system as much as it lessens actual pen work in the branches.
The Post Office does not provide as part of the service in return for the poundage paid, an interlocking safe transmission facility for money order forms, like that of continental giro countries, nor is there a space for the remitter to write a message to the beneficiary. From the time postal orders are printed until they are issued across a post office counter they have to be guarded and checked because they are printed in various denominations. The same process is involved from the time they are encashed at the beneficiary's post office until finally cancelled by the Post Office Records Department.
The Department of Inland Revenue, that seem unwilling to adopt this method of monetary transmission, although a credit transfer form can be incorporated as a detachable part of an invoice. , it is obvious that, to make the credit transfer and—for that matter—the cheque encoding system fully successful it will be necessary for the banks to provide a Credit Transfer Directory of Account Holders9 Banks, Branches and Numbers. When the average code line comprises a combination of numbers such as 60 0001 1234567 to indicate the bank, branch and account holder it will be seen just how long-winded the system may become !