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1. PAPER BASED

A. CHECK

A CHECK IS A PAPER-BASED NON-CASH

PAYMENT INSTRUMENT IN THE FORM OF A

CUSTOMER FUNDS DISBURSEMENT ORDER. THE

AMOUNT OF FUNDS WITHDRAWN IN THE NAME OF

THE ACCOUNT OWNER OR OTHER DESIGNATED

NAME IS STATED ON THE CHECK. NEXT, THE BANK

WILL PROCESS THE DISBURSEMENT OF FUNDS

ACCORDING TO THIS AMOUNT.

B. GIRO

JUST LIKE CHECKS, GIRO IS ALSO A PAPER-

BASED NON-CASH PAYMENT INSTRUMENT IN THE

FORM OF AN ORDER TO THE BANK. THE

DIFFERENCE IS, GIRO IS NOT USED TO DISBURSE

FUNDS, BUT TO TRANSFER A STATED AMOUNT OF

FUNDS FROM A CUSTOMER'S ACCOUNT TO

ANOTHER CUSTOMER'S ACCOUNT.