Munich Personal RePEc Archive

Bill Of Exchange - A Modern And Efficient Instrument Of Payment Within The Commercial Relations

Mihai, Gabriel (2016): Bill Of Exchange - A Modern And Efficient Instrument Of Payment Within The Commercial Relations. Published in: Journal of euro and competitiveness , Vol. 3, No. 7 (5 June 2016): pp. 15-21.

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Abstract

The mechanism of payment and compensation is an important component of the monetary system and financial infrastructure of the economy, ensuring the cash flow and the transfer of monetary assets. Due to the development of the trade and the economic modernization the payment in scriptural money (currency account) was imposed in the internal and international transactions, the circuit of payment instruments and credit (bills of exchange, checks, promissory notes) amplified and, recently, the electronic payment became functional by using bank cards and computerization of settlement systems, which have contributed to ensuring payment in real time, reducing the risks and costs of funds transfer.

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