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Principles of Banking Law

Principles of Banking Law (3rd edn)

Sir Ross Cranston, Emilios Avgouleas, Kristin van Zwieten, Christopher Hare, and Theodor van Sante
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date: 22 March 2023

p. 36113. Domestic Payment Systemslocked

p. 36113. Domestic Payment Systemslocked

  • Ross Cranston, Ross CranstonProfessor of Law at the London School of Economics
  • Emilios Avgouleas, Emilios AvgouleasProfessor of International Banking Law and Finance at the University of Edinburgh; European Banking Authority Stakeholder Group
  • Kristin van Zweiten, Kristin van ZweitenClifford Chance Associate Professor of Law and Finance at Oxford University and a Fellow of Harris Manchester College
  • Theodor van SanteTheodor van SanteBarrister at 3 Verulam Building, Gray's Inn, London
  •  and Christoper HareChristoper HareTravers Smith Associate Professor of Corporate and Commercial Law at the University of Oxford and a Fellow of Somerville College


Payment involves the transfer of monetary value from payer to payee. This chapter deals with ‘payment systems’, which are the instruments, procedures, and institutions that enable persons to effect payment. Traditionally, payment systems have been classified in different ways. One distinction is between credit and debit transfers. Other distinctions include whether the payment system is paper-based, electronic, or both; whether the payment system is limited to small-value or large-value transfers or; or whether the payment system is operated by an emanation of the state or some private commercial entity. The consideration of payment systems will be illustrative, rather than exhaustive, and the discussion will focus on UK-based and domestic payment systems, covering money, cheques, payment cards, and electronic funds transfers in that order.

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