Industry WIKI

The Avignon Exchange was one of the first foreign exchange markets in history, established in the Comtat Venaissin during the Avignon Papacy. The Exchange was composed of the agents (factores) of the great Italian banking-houses, who acted as money-changers as well as financial intermediaries between the Apostolic Camera and its debtors and creditors. The most prosperous quarter of the c

A bearer instrument is a document that entitles the holder of the document to rights of ownership or title to the underlying property. In the case of shares (bearer shares) or bonds (bearer bonds), they are called bearer certificates. Unlike normal registered instruments, no record is kept of who owns bearer instruments or of transactions involving transfer of ownership, enabling the own

Check kiting or cheque kiting (American and British English, respectively) is a form of bank check fraud, involving taking advantage of the float provided by a bank to make use of non-existent funds in a checking or other bank account. Thus, instead of being used as intended, as a negotiable instrument, checks are misused to source (and manage the flow and timing of) a form of unauthoriz

Chose (pronounced: , French for "thing") is a term used in common law tradition to refer to rights in property, specifically a combined bundle of rights. A chose is the enforcement right which a party possesses in an object. The use of chose extends from the English use of French within the courts. In English and commonwealth law, all personal things fall into one of two categories, eith

A hundi or hundee (Hindi: हुण्डी, romanized: Huṇḍī, Sanskrit: हुण्डिका, romanized: Huṇḍikā, lit. 'bill of exchange, draft, or promissory note') is a financial instrument that was developed in Medieval India for use in trade and credit transactions. Hundis are used as a form of remittance instrument to transfer money from place to place, as a form of credit instrument or IOU to borrow mon

A Mefo bill (sometimes written as MEFO bill; German: Mefo-Wechsel) was a six-month promissory note, drawn upon the dummy company Metallurgische Forschungsgesellschaft ('Metallurgical Research Corporation'), devised by the German Central Bank President, Hjalmar Schacht, in 1934. These bills could be discounted by any German bank at any time, and these banks, in turn, could rediscount the

A negotiable instrument is a document guaranteeing the payment of a specific amount of money, either on demand, or at a set time, whose payer is usually named on the document. More specifically, it is a document contemplated by or consisting of a contract, which promises the payment of money without condition, which may be paid either on demand or at a future date. The term has different

A payment system is any system used to settle financial transactions through the transfer of monetary value. This includes the institutions, payment instruments such as payment cards, people, rules, procedures, standards, and technologies that make its exchange possible. A payment system is an operational network which links bank accounts and provides for monetary exchange using bank dep