Timebanking is mutual credit, where whenever somebody provides a service to a member in a timebank, they get credit, which they can redeem for that same amount of time to get something they need from someone else in the network. It’s fluid and flexible. Timebanking doesn’t have to involve a direct exchange between two people, and it doesn’t have to happen in the same span of time.
The impacts are pretty profound. Matching people up based on who needs what and who can provide what is a different approach to an economy. It’s an understanding that everybody has needs and everybody has assets. Also, you don’t have to wait to have money to pay for a service you need.