In 2001, as many as billion credit transfers were processed by the German banking industry. million of them were submitted via PC or terminal from customers to their bank. As the number of internet-linked accounts increases in Germany as well as customer acceptance of using the modern communication infrastructure for accessing their banks, this number is expected to increase further. According to the Credit Transfer Agreement between the central associations of the German banking industry and the Deutsche Bundesbank, every credit transfer has to be processed in a fully automated and paperless form in interbank clearing and settlement.
