External links
- PlusGirot - Official site
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PlusGirot(formerly PostGirot) is a Swedish money transaction system, owned by Nordea. PlusGirot is one of two proprietary clearing systems used for regular transactions such as bill payments in Sweden.
Postgirot, was developed by Posten, the Swedish postal service, and for a long time it was wholly separate from the banking system which made transfers between the two systems difficult. The competing system Bankgirot was owned and operated by the banks.
The deregulation of postal services in Sweden prompted a sale of Postgirot, and initially there were plans to merge the two clearing systems, but it was halted due to objections from the Swedish Competition Authority. Instead, Postgirot applied for a banking license and became a member of Bankgirot in 2002, enabling it to take deposits and carry out transactions with other banks. Following this it was acquired by Nordea and renamed PlusGirot.
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Electronic funds transfer at point of sale is an electronic payment system involving electronic funds transfers based on the use of payment cards, such as debit or credit cards, at payment terminals located at points of sale. EFTPOS technology originated in the United States in 1981 and was adopted by other countries. In Australia and New Zealand, it is also the brand name of a specific system used for such payments; these systems are mainly country-specific and do not interconnect.
Nordea Bank Abp, commonly referred to as Nordea, is a European financial services group operating in northern Europe and based in Helsinki, Finland. The name "Nordea" comes from putting together the words “Nordic” and “ideas”. The bank is the result of the successive mergers and acquisitions of the Finnish, Swedish, Danish, and Norwegian banks of Merita Bank, Nordbanken, Unidanmark, and Christiania Bank og Kreditkasse that took place between 1997 and 2001. The Nordic countries are considered Nordea's home market, having finalised the sales of their Baltic operations in 2019. The largest shareholder of Nordea is Sampo, a Finnish insurance company with 15.9% of the shares. Nordea is listed on Nasdaq Nordic exchanges in Helsinki, Copenhagen, and Stockholm and Nordea ADR is listed in the US.
Sampo Group is a Nordic financial group made up of the parent company Sampo plc, If P&C Insurance Holding Ltd, Mandatum Life Insurance Company Ltd, Danish insurer Topdanmark and British P&C insurer Hastings, all of which are its subsidiaries. The parent company in Helsinki administers the subsidiaries. Sampo Group employs over 9,800 employees. Torbjörn Magnusson is the Group CEO and President for Sampo.
A transaction account, also called a checking account, chequing account, current account, demand deposit account, or share draft account at credit unions, is a deposit account held at a bank or other financial institution. It is available to the account owner "on demand" and is available for frequent and immediate access by the account owner or to others as the account owner may direct. Access may be in a variety of ways, such as cash withdrawals, use of debit cards, cheques (checks) and electronic transfer. In economic terms, the funds held in a transaction account are regarded as liquid funds. In accounting terms they are considered as cash.
Swedbank AB is a Nordic-Baltic banking group based in Stockholm, Sweden, offering retail banking, asset management, financial, and other services. In 2019 Swedbank had 900,000 private and 130,000 corporate clients and a 60% market share of Estonia’s payments.
Bankgirot is a proprietary clearing system in Sweden used for transactions such as bill payments. It is owned by Swedish banks.
A giro transfer, often shortened to giro ,, is a payment transfer from one bank account to another bank account and initiated by the payer, not the payee. The debit card has a similar model. Giros are primarily used in Europe; although electronic payment systems such as the Automated Clearing House exist in the United States and Canada, it is not possible to perform third party transfers with them. In the European Union, there is the Single Euro Payments Area (SEPA) which allows electronic giro or debit card payments in euros to be executed to any euro bank account in the area.
In banking and finance, clearing denotes all activities from the time a commitment is made for a transaction until it is settled. This process turns the promise of payment into the actual movement of money from one account to another. Clearing houses were formed to facilitate such transactions among banks.
A payment system is any system used to settle financial transactions through the transfer of monetary value. This includes the institutions, instruments, people, rules, procedures, standards, and technologies that make its exchange possible. A common type of payment system is called an operational network that links bank accounts and provides for monetary exchange using bank deposits. Some payment systems also include credit mechanisms, which are essentially a different aspect of payment.
National Girobank was a British public sector financial institution run by the General Post Office that opened for business in October 1968. It started life as Post Office Giro but went through several name changes, becoming National Giro then National Girobank and finally Girobank plc before being absorbed into Alliance & Leicester plc in 2003.
Postbank is the retail banking division of Deutsche Bank, which was formed from the demerger of the postal savings division of Deutsche Bundespost in 1990. Since May 2018, it operates as a brand of Deutsche Bank's retail arm. It serves 13 million customers in around 1,000 branches and 700 advisory centers.
A bank code is a code assigned by a central bank, a bank supervisory body or a Bankers Association in a country to all its licensed member banks or financial institutions. The rules vary to a great extent between the countries. Also the name of bank codes varies. In some countries the bank codes can be viewed over the internet, but mostly in the local language.
Sort codes are the domestic bank codes used to route money transfers between financial institutions in the United Kingdom, and historically in the Republic of Ireland. They are six-digit hierarchical numerical addresses that specify clearing banks, clearing systems, regions, large financial institutions, groups of financial institutions and ultimately resolve to individual branches. In the UK they continue to be used to route transactions domestically within clearance organisations and to identify accounts, while in the Republic of Ireland they have been deprecated and replaced by the SEPA systems and infrastructure.
The Malaysian Electronic Payment System (MEPS) is an interbank network service provider in Malaysia. In August 2017, MEPS has merged with Malaysian Electronic Clearing Corporation Sdn Bhd (MyClear) to form Payments Network Malaysia Sdn Bhd (PayNet).
Bankgiro is a Norwegian giro system used by all banks in the country, managed by Bankenes Betalingssentral (BBS). The system allows arbitrary transactions between private accounts in all Norwegian accounts using Norwegian krone. It is optimised for online banking, though it is also available via the post (Brevgiro), using a telephone (Telegiro) or based on automation, including the services Avtalegiro, Autogiro and eFaktura.
The Chip Authentication Program (CAP) is a MasterCard initiative and technical specification for using EMV banking smartcards for authenticating users and transactions in online and telephone banking. It was also adopted by Visa as Dynamic Passcode Authentication (DPA). The CAP specification defines a handheld device with a smartcard slot, a numeric keypad, and a display capable of displaying at least 12 characters. Banking customers who have been issued a CAP reader by their bank can insert their Chip and PIN (EMV) card into the CAP reader in order to participate in one of several supported authentication protocols. CAP is a form of two-factor authentication as both a smartcard and a valid PIN must be present for a transaction to succeed. Banks hope that the system will reduce the risk of unsuspecting customers entering their details into fraudulent websites after reading so-called phishing emails.
The Clearing House Automated Transfer System, or CHATS, is a real-time gross settlement (RTGS) system for the transfer of funds in Hong Kong. It is operated by Hong Kong Interbank Clearing Limited, a private company jointly owned by the Hong Kong Monetary Authority (HKMA) and the Hong Kong Association of Banks. Transactions in four currency denominations may be settled using CHATS: Hong Kong dollar, renminbi, euro, and US dollar. In 2005, the value of Hong Kong dollar CHATS transactions averaged HK$467 billion per day, which amounted to a third of Hong Kong's annual Gross Domestic Product (GDP); the total value of transactions that year was 84 times the GDP of Hong Kong.
Vocalink is a payment systems company headquartered in the United Kingdom, created in 2007 from the merger between Voca and LINK. It designs, builds and operates the UK payments infrastructure, which underpins the provision of the Bacs payment system and the UK ATM LINK switching platform covering 65,000 ATMs and the UK Faster Payments systems.
EBA Clearing is a provider of pan-European payment infrastructure wholly owned by shareholders that consist of major European banks.
Swish is a mobile payment system in Sweden. The service was launched in 2012 by six large Swedish banks, in cooperation with Bankgirot and the Central Bank of Sweden. It had 6.5 million users as of September 2018. Swish is a member of the European Mobile Payment Systems Association.