Which company introduced the first travellers cheques in 1891?
Traveler's cheque the purchaser. The entity to whom the purchaser hands the cheque in payment for goods or services is the payee or merchant. For purposes of clearance, the obligor is both maker and drawee. Traveler's cheques were first issued on 1 January 1772 by the "London Credit Exchange Company" for use in 90 European cities, and in 1874, Thomas Cook was issuing 'circular notes' that operated in the manner of traveler's cheques. American Express developed a large-scale international traveler's cheque system in 1891, to supersede the traditional letters of credit. It is still the largest issuer of traveler's cheques today by
Railway pay cheques Railway pay cheques Railway Pay Cheques were metallic tokens or tallies used to ensure appropriate payment to the correctly identified railway employee. The one-sided identification cheques were usually drawn from the wages office on a Thursday, prior to the Friday payday. The cheques would then be exchanged for a pay slip, and the wages paid on signature. In many cases where pay cheques were in use they were often issued to each employee at the start of his employment and retained for the rest of the person's working life with the company. Specialised trays were used for storing these cheques.