giro system

Definition

Economics

  • noun a banking system in which money can be transferred from one account to another without writing a cheque. The money is first removed from the payer’s account and then credited to the payee’s account. It is opposed to a cheque payment, which is credited to the payee’s account first and then claimed from the payer’s account.
http://www.dictionarycentral.com/definition/giro-system.html