Rishengchang, the first draft bank or "piaohao" (票號), originated from Xiyuecheng Dye Company Pingyao in central Shanxi. Rishengchang was estimated to be founded during the Qing Dynasty in 1823. However, the exact founding year remains controversial, some scholars argue it was found in 1797 or 1824. To deal with the transfer of large amounts of cash from one branch to another, the company introduced drafts, cashable in the company's many branches around China. Although this new method was originally designed for business transactions within the Xiyuecheng Company, it became so popular that in 1823 the owner gave up the dye business altogether and reorganized the company as a special remittance firm, Rishengchang Piaohao.