By Dominique Rambure, Alec Nacamuli (auth.)
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Extra resources for Payment Systems: From the Salt Mines to the Board Room
The pontifical tax collectors would remit the taxes into the foreign branches of the bankers, who would make them available (minus a pre-agreed commission) to the Papacy in Rome or Avignon by using the funds deposited with them by the Church dignitaries and members of the Curia. They would use the funds collected locally to purchase goods, such as wool from England which was sold to the Florentine weavers for the sumptuous cloths and robes we see today in the portraits by Holbein and Titian. The bankers ensured the safe availability of funds collected remotely, the settlement and the foreign exchange, all sources of fees.
Exceptions are defined as: • Rejects: credit transfer rejected by the originator’s bank before inter- bank settlement for incorrect formatting, invalid account numbers or insufficient funds; the originator will be notified with the reason of the reject. • Returns: credit transfer rejected after interbank settlement if the beneficiary cannot be credited, for instance if the account number is incorrect or has been closed; the creditor’s bank will advise the originator’s bank which will notify and refund him/her.
Membership is often two-tiered, differentiating between direct members and indirect members – generally banks which do not meet the eligibility criteria or are unwilling to invest to comply with the technical and operational requirements. Indirect members participate by clearing and/or settling through a direct member. In this case, the direct member assumes responsibility for settling and managing the liquidity on behalf of the indirect member, activities for which direct members compete on services offered, credit lines and fees.