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Brand new service…
The Spring of 1962 sees a new revolution – the creation of a service jointly, by all eleven clearing banks to make the job of paying money into accounts much easier. Initially the new Credit Transfer service will be of specific benefit to businesses with invoices to pay, but is soon adapted and used to pay wages to employees, and also for customers of one bank to pay money directly into the accounts of customers of another. At this time, the eleven clearing banks are: Barclays Coutts & Co District Bank Glyn Mills & Co Lloyds Bank Martins Bank Midland Bank National Bank National Provincial Bank Westminster Bank and Williams Deacon's Bank.
Publicity for the new service is a two-pronged attack, consisting of leaflets and other generic advertising copy produced for customers by each individual bank, and the full page newspaper advertisement shown below which is designed to show how all eleven clearing banks consider Credit Transfers should be taken seriously as a useful and very important new banking service…
There is now available at every branch of the eleven Clearing Banks an extension of a banking service that will help every organisation which has invoices to send. It is called the Credit Transfer service and it greatly simplifies the handling of accounts. In operation, the Creditor Company sends with the bill, either as a detachable part of it or separately enclosed with it, a standard slip naming the bank and branch at which the Company's account is kept. The customer, if he has no bank account, takes as many slips as he has, with cash to the total amount involved, and hands the money over the counter at any branch of any of the banks mentioned below. If the customer has a bank account he can, of course, use a single cheque and conduct his business by post. The advantages of the Credit Transfer service are considerable, both for those who supply goods and services and those who pay for them. The supplier is saved the trouble of dealing with a multitude of individual payments, for they go straight to his bank, from whom notification and the relevant slips will be received at regular intervals. The buyer is also saved both time and trouble; whether he has one bill to pay or twenty, a single payment at any bank pays them all.
Full steam ahead…
It’s 1964, and the mighty PEGASUS COMPUTER is put to work on behalf one of our largest customers, to make credit transfer payments. These are recorded against the customer’s account, and printed out on Friden Flexowriter printers at our LIVERPOOL COMPUTER CENTRE:
© gut informiert 2007 to date

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