How did Templar travel notes work, and how were they different from Italian banks?

"In Western Europe, compliance commonly took the form of indirect, formally licit instruments that embedded return in exchange, contingency, or compensation."

"the mercantile routinization and specialization that had already developed in a few other European regions was emerging in Genoa, and credit was increasingly defining the relationships between local specialized operators."

"A pilgrim could leave his cash at Temple Church in London, and withdraw it in Jerusalem. Instead of carrying money, he would carry a letter of credit."

"Thus, a pilgrim could deposit their savings at a Templar house in France and withdraw it from a Templar house in Jerusalem."

"While traveling, the pilgrims could present the letter to other Templars along the way, to "withdraw" funds from their accounts. This kept the pilgrims safe since they were not carrying valuables, and further increased the power of the Templars."

"Officially the idea of lending money in return for interest was forbidden by the church, but the Order sidestepped this with clever loopholes, such as a stipulation that the Templars retained the rights to the production of mortgaged property."

"A pilgrim could deposit money or valuables within a Templar stronghold and receive an official letter describing what they had."

"That pilgrim could then withdraw money along the route to take care of their needs, equal to what they had in safe keeping."

"By 1150, the knights were responsible, not only for safeguarding pilgrims but their valuables as well. This forced them to establish what can be described as an early deposit and withdrawal system."

"By the 12 th century, they could freely move their wealth from one property to the next."

"According to British historian Dan Jones, in many ways, the order operated like a financial services company."

"Because, technically speaking, charging interest was against canon law, the Templars instead billed for administrative fees and expenses, or manipulated the currency exchange."

"Eventually, they dropped the act, flat out charging England’s Edward I (1272–1307) 5,333 livres, six sous, and eight deniers for “administration, expenses, and interest”."

"In the case of a customer’s death, the Templars would be the executors of their estate. Before heading off for a pilgrimage in 1220, Pierre Sarrasin of Paris left the Templars his assets and will."

"The bull not only exempted Templars from paying a tenth of their produce in tithes, but also allowed them to collect tithes of their own. Their preceptories earned similar concessions from local lords across Europe, allowing them to levy tolls and customs on fairs and markets"