Bill exchange

Japanese: 手形交換 - てがたこうかん

This is a system of exchange settlement in which many financial institutions bring and exchange bills and checks (collectively called bills in exchange) that they are mutually collecting, and then collect and settle the difference (exchange balance). The difference is exchanged by transferring the deposits of each financial institution at a specific bank (the settlement bank), and since no cash is exchanged, it is simple, quick, and safe, and has the effect of significantly reducing large amounts of payment reserves. The place or facility where this bill clearing takes place is called a bill clearing house. Financial institutions that participate in bill clearing are divided into member banks and agent-appointed financial institutions; the former attend the bill clearing house in person and clear bills in their own name (direct clearing), while the latter entrust the exchange procedure to a member bank (agent clearing). In this way, the amount of the bills and checks brought back from the clearing is debited from the current account of the issuer (acceptor), but if there is insufficient funds, no transaction, or if the bills or checks are reported as stolen or lost, they cannot be paid and must be returned to the originating bank as dishonored (returning them as part of the bill clearing on the business day following the exchange date is called reverse exchange). Such bills and checks are generally called dishonored bills.

Source: Encyclopaedia Britannica Concise Encyclopedia About Encyclopaedia Britannica Concise Encyclopedia Information

Japanese:

多数の金融機関が相互に取立てる手形，小切手など (総称して交換手形と呼ぶ) を持寄って交換し，その差額 (交換尻) を授受して取立て，支払いをすませる (交換決済) 制度をいう。差額の授受は特定の銀行 (決済銀行) にある各金融機関の預金の振替によって行われ，現金の授受はしないので簡易迅速，安全なうえ，多額の支払準備金を大幅に節減できるという効果をもっている。この手形交換を行う場所，施設が手形交換所である。手形交換に参加する金融機関は加盟銀行と代理交換委託金融機関の別があり，前者は手形交換所に直接出席して自行の名で手形交換を行い (直接交換) ，後者は加盟銀行に交換事務を委託するものである (代理交換) 。このようにして手形交換から持帰った手形，小切手は振出人 (引受人) の当座預金からその金額が引落されるわけであるが，資金不足，取引なし，あるいは盗難，紛失などの申し出があった場合は，それらの手形，小切手は支払いができず，持出銀行に不渡返還 (交換日の翌営業日の手形交換に組入れて返還することを逆交換という) することになる。このような手形，小切手を一般に不渡手形と呼んでいる。

出典　ブリタニカ国際大百科事典小項目事典ブリタニカ国際大百科事典小項目事典について　情報

<<: Clearing house

>>: Bill of exchange - Tegata Koi