Information Search

Banking has come a long way since its first inception in early civilization.

It was around the third millennium B.C when banking first started to appear in the world. But back then people used to go to temples to store their worldly goods. It was not money that people deposited back then but different types of grain. Later on people started to deposit such things as their cattle, agricultural implements and precious metals.

Temples were used for these deposits s they were regarded as the safest places. Much later priests of the temples often gave out loans to people.

History has shown that both the Ancient Greeks and Romans were the first to use sophisticated banking procedures such as issuing loans and currency exchanging, deposits and even the validation of coinage. A lot of these were carried out by not only the temples but also private and civic societies.

Most of the moneylenders of the day started to use transactions that they recorded in books. As the fall of the Roman Empire and rise of the hostilities in the church took hold bankers were not needed as much.

Later on the church prohibited interest charging. This led to the rise of religions such as the Jews and the Knights of temples practicing banking.

The origins of book keeping and double entry came from an Italian family known as the Lombard’s. Another family, the Medici’s was later usurped by a German family, The Fuggers who went on to bank for the Papacy as well as many of he great princesses.

The start of the 16th century brought us the system where merchants were allowed to access their money from other places without transferring any physical money, and also the development of the cheques. Throughout the 17th century this system started to get more accepted in society. This system gradually grew into the system that we now use today.

See various other works created by this very author about things like company site and blog as well as organza drawstring bags.