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Fact Card: Stadin aikapankki

Fact Card is a series of posts summarising crowdsourcing and public decision making initiatives relevant to our project. Please post a comment or email us with any clarification.

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What?
Stadin Aikapankki is a community-based exchange system. A complementary trading network operates without money and provides its users the means to exchange goods and services. The Helsinki community exchange started some 3 years ago.

How does it work?

  • Aikapankki (time bank) compiles and distributes a directory of goods and services offered by the users registered as well as a list of their ‘wants’ or requirements
  • When a registered user requires something advertised in the directory, the seller is contacted and the trade takes place. The currency used is called ‘Tovi’ – a moment of time
  • Sales are recorded as credits for sellers and as debits for buyers. The central book-keeping system records the relative trading positions of the traders
  • The time bank collects a ‘community tax’, i.e. each member of the time bank donates their time to the running of the association

Who’s involved?
Local time banks (around Finland), citizens, community exchanges internationally.

Status:
Active. The number of time banks has increased in Helsinki (many areas have their own), local time banks have been started around Finland, gardening projects and meetings are arranged on a regular basis.

Website:
http://stadinaikapankki.wordpress.com

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