The first senior position he took at the bank in 1990 was as a director in the financial and payment system department.

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In some ways, it will be less difficult with the integration of gold into the financial system already through electronic payment systems.

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In theory, in the worst cases, the parts of the banks that are thought to be most important to keeping the rest of the financial system functioning smoothly, for instance their deposit books and payment systems, will be quickly cut out and transplanted into a healthy bank or kept on life support.

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The planned payment system would be unlikely to put consumers at any greater financial risks.

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Over the past 18 months the firm has bought nine companies including an online self-publishing site, a financial-data firm and one with a technology that newspapers can license for an online-payment system.

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