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Historic Banking Timeline

By mgp44
  • The First Bank of The United States: The purpose of the First Bank of The US was to provide a central bank for the young nation to act as the governments fiscal agent as well as a place to store public funds.

    The First Bank of The United States: The purpose of the First Bank of The US was to provide a central bank for the young nation to act as the governments fiscal agent as well as a place to store public funds.

    The Bank Of America, now commonly known as the First Bank of America was founded in 1790 by Alexander Hamilton, William Bingham, and Robert Morris. The Bank was developed in response to the economic crisis the young nation was experiencing at the time. The project concluded in December of 1791 when the bank was officially opened after being signed into law in February of that year by President George Washington
    https://www.federalreservehistory.org/essays/first-bank-of-the-us
  • Building the First Saving Bank in New Zealand - The purpose was to attract business from working men of both Māori and Pākehā and to offer banking services and housing loans.

    Building the First Saving Bank in New Zealand - The purpose was to attract business from working men of both Māori and Pākehā and to offer banking services and housing loans.

    Building the first saving bank in New Zealand was executed by John Logan Campbell and was encouraged by Governor George Grey. This project was unique as it was the first bank building at the time, it took an estimate of 2 years of planning, organising and executing the building.
    https://nzhistory.govt.nz/page/auckland-savings-bank-opens-business
  • New Zealand's first bank notes: The purpose to have Nationally accepted New Zealand cash.

    New Zealand's first bank notes: The purpose to have Nationally accepted New Zealand cash.

    This project was executed by the Reserve Bank of New Zealand. The project is unique because this is the first set of cash printed by the Reserve Bank of New Zealand. The project was temporary as when it was printed and distributed that was the end deliverable. The outcome was nationally accepted bank notes unique to New Zealand.
    https://teara.govt.nz/en/object/36389/first-series-of-banknotes-10-shillings
  • The development of the legislation for The Reserve Bank Act 1934 New Zealand - The purpose was to combat economic issues that may arise, this would include exchange rates and foreign reserve control.

    The development of the legislation for The Reserve Bank Act 1934 New Zealand - The purpose was to combat economic issues that may arise, this would include exchange rates and foreign reserve control.

    The development of the legislation for the reserve bank was executed by the Finance minister Joseph Gordon Coates, Bernard Ashwin and others. The project began after the Great Depression in 1932 and was completed in 1934. This project was unique as there was no legislation to help the New Zealand economy at the time.
    https://www.rbnz.govt.nz/-/media/ReserveBank/Files/Publications/Factsheets%20and%20Guides/factsheet-the-history-of-the-reserve-bank-of-new-zealand.pdf
  • Decimal Currency introduced to New Zealand: The purpose was for New Zealand it have its own legal tender.

    Decimal Currency introduced to New Zealand: The purpose was for New Zealand it have its own legal tender.

    The project was executed by a National Government & Robert Muldoon (under-secretary for finance). The project is unique as New Zealand was still using the British pound & shilling. The project was temporary as after the money was introduced and distributed it was finished. The outcome of this project was to have the decimal system for New Zealand currency as opposed to coping Britain.
    https://ngataonga.org.nz/collections/search?utf8=%E2%9C%93&i%5Bhas_media%5D=true&text=mr+dollar&filter=catalogue
  • SWIFT Global Banking System: The purpose of the SWIFT Global Banking System was to enable different world banks to quickly transfer information between one another.

    SWIFT Global Banking System: The purpose of the SWIFT Global Banking System was to enable different world banks to quickly transfer information between one another.

    SWIFT was founded in 1973 under the guidance of its CEO at the time Carl Reuterskiöld. The Service went live in 1977 in 22 countries, marking the end of the project. SWIFT is a global information system which provides a network in which banks and other financial institutes throughout the world are able to quickly share information with one another, particularly relating to the transference of money between a wide array of countries https://www.swift.com
  • Northern Building Society open first ATM in New Zealand: the purpose of this project was to allow customers to withdraw cash outside of bank hours and reduce wait times.

    Northern Building Society open first ATM in New Zealand: the purpose of this project was to allow customers to withdraw cash outside of bank hours and reduce wait times.

    This Auckland based company opened the first ATM in Wellington on 15th May 1981. This project was unique as it was the first ATM in the country. The new technology meant customers who needed cash no longer had to queue inside banks that closed early, they were already coming into widespread use internationally in the 1970s. This photograph shows Henry Clay, regional manager holding cash from the society’s new ATM machine.
    https://teara.govt.nz/en/photograph/24636/the-arrival-of-atms
  • ANZ Tap&PIN: The purpose of introducing the Tap&PIN at ANZ Smart ATM's is to remove the need to insert a card to withdraw cash, reducing the risk of skimming fraud and a card being swallowed.

    ANZ Tap&PIN: The purpose of introducing the Tap&PIN at ANZ Smart ATM's is to remove the need to insert a card to withdraw cash, reducing the risk of skimming fraud and a card being swallowed.

    ANZ introduced a Tap&PIN function to their ATM network in March 2017. In a first for any bank in New Zealand, ANZ customers will no longer have to insert a card to withdraw cash. This project is aimed at speeding up the ATM transactions and reducing the risk of cards being swallowed, or skimming fraud. This also follows the preference for contactless payment, particularly since covid.
    https://www.rfigroup.com/rfi-group/news/new-zealand-anz-introduce-tap-pin-atms