7-Time Network

7-Time Network Model

Theory
•    A fiat (closed) credit system, with credits originating from the ‘bank’
•    All local service providers, voluntary and statutory use time banking as their currency to recognise and reward community involvement

Practice
•    The time bank is based within an existing time centre but develops to incorporate service providers in the wider area
•    Requires an initial time audit
•    Creates local consistency so that local residents see their contribution valued in the same way no matter which activity or service they are interacting with

Factors for success
•    Time is required to embed the time banking tool with local service providers
•    A broad understanding and acceptance of the time banking principles, particularly of ‘give and take’ is necessary across all service providers

Potential problems
•    Important that the use of and accounting for time credits is standardized across all agencies otherwise consistency is threatened

Examples
Glyn Coch Communities First: This community centre based in the Welsh valleys is extending its time centre in order to link in with all local service providers.