Welcome back to bitesize Payments were we discuss their history, how they work and of course who does what.  In this episode we're discussing Clearings.

Clearings what are they?  Well, they are sometimes called rails, schemes or the last mile either way there are a lot and I mean a lot, as I have mentioned before there is a clearing for every type of payment – RTGS, IP etc for every country.  Not only that but they are different in every country even though they do effectively the same thing.  

The first clearing was probably the format defined by Western Union in 1872 for what we now call wires.  When we have electronic payments methods, we need these standards as we discussed in a previous episode.

When I said a lot how many is a lot.  Well there are 195 countries in the world with electronic payment, there are ACHs, IP, hi value, Cards – credit and debit, x border etc so for the sake of argument at least 7 formats so there are up wards of 1,365 different file formats….  So a lot :-) 

Today I am joined by Heike from Unifits and ex Vocalink etc to help me explain them, here we go….

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