The Imminence of a Checkless Society
Technologists predict that the end of the 1980s will bring an end to cash and checks. Electronic transactions are expected to replace paper-based exchanges and change the job of credit executives. Much of the technology for electronic transactions was developed by financial institutions. Among innovations have been lockboxes, transaction telegraphing and automatic check processing. The automated depository transfer check system and balance reporting systems have been other milestones. The electronic corporate-to-corporate payment system of the First National Bank of Chicago involves a function called SPRINT. It is a system for payables, receivables, and information transfer in use since 1980. The major obstacle to a checkless society is the emotional factor of needing tangible evidence of assets.
Publication Name: Credit & Financial Management
Fifth Third recognizes tech needs
Fifth Third Bank of Cincinnati, Ohio, plans to add new technologies, services, and products while at the same time training employees and developing new products to keep up with the competition.
Publication Name: Global Finance
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