ANCIENT ROME

Perfected the administrative aspect of banking and saw greater regulation of financial institutions and financial practices. Charging interest on loans and paying interest on deposits became more highly developed and competitive.

ANCIENT GREECE

Greek temples, as well as private and civic entities, conducted financial transactions such as loans, deposits, currency exchange, and validation of coinage. There is evidence too of credit, whereby in return for a payment from a client, a moneylender in one Greek port would write a credit note for the client who could "cash" the note in another city, saving the client the danger of carting coinage with him on his journey.

A BREIF HISTORY OF THE BANKING SYSTEM

The first banks were temples in the old world i.e. during the third millennium. Banks probably predated the invention of money. At the beggining people would deposit simple thing such as grain and later other goods including cattle, agricultural implements, and eventually precious metals such as gold.

A BREIF HISTORY OF THE BARTER SYSTEM

The first system that was used to purchase goods for trade was the barter system. In most cultures the barter system was used before money was created. People who had specific items or services to sell would exchange them with others for the things they needed. The barter system transcends the monetary system.