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Chapter

Ross Cranston, Emilios Avgouleas, Kristin van Zweiten, Theodor van Sante, and Christoper Hare

Payment and banking generally go hand-in-hand. Except for relatively small-value transactions, where cash, payment cards, and, increasingly, forms of e-money are used, payments are usually made through the banking system. This chapter analyzes some of the legal problems arising with payment through the banking system. The first section sketches the basic elements of payment and the way banks make payment. The second section turns to some specific issues — how payment obligations are discharged, whether payment instructions can be countermanded, the availability of funds to payees, and the completion of payment as between banks. The third section examines clearing and settlement systems. In the main the focus of this chapter is on large payments, rather than retail payments.

Chapter

Ross Cranston, Emilios Avgouleas, Kristin van Zweiten, Theodor van Sante, and Christoper Hare

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.

Chapter

MA Clarke, RJA Hooley, RJC Munday, LS Sealy, AM Tettenborn, and PG Turner

This chapter examines modern payment systems for commercial transactions. Payment may be made by the delivery of physical money (i.e. coins and bank notes by way of legal tender) from the debtor to the creditor. However, payment by the physical delivery of money can be both risky and expensive, incurring transport and insurance costs, as well as loss of interest during transit. Because of these difficulties, various forms of payment mechanisms and payment systems have been developed. This chapter first considers the nature of a funds transfer and the terminology used to describe a funds transfer operation before discussing credit/debit transfers, clearing and settlement, clearing systems and clearing rules, and the duties of the banks involved in a funds transfer. It also analyses countermand, completion of payment as between payer and payee, and unwanted payments.

Chapter

D Fox, RJC Munday, B Soyer, AM Tettenborn, and PG Turner

This chapter examines modern payment systems for commercial transactions, where payment using physical notes and coins is clearly inappropriate. Various forms of payment mechanisms and payment systems have been developed. This chapter first considers the nature of a funds transfer and the terminology used to describe a funds transfer operation before discussing credit/debit transfers, clearing and settlement, clearing systems and clearing rules, and the duties of the banks involved in a funds transfer. Finally, the chapter also analyses countermand, completion of payment as between payer and payee, and unwanted payments.

Book

Sir Ross Cranston, Emilios Avgouleas, Kristin van Zwieten, Christopher Hare, and Theodor van Sante

Principles of Banking Law provides an authoritative take on banking and services law, with coverage of global banking regulation, payment systems, capital markets, and trade finance. The text takes an international perspective, helping locate domestic banking law and financial law in its wider context. It takes a themed, policy-oriented approach to the subject. The text is composed of four parts. The first part looks at banks and bank regulation. Part II considers banks and customers. Part III examines payment and payment systems. The final part looks at banks and finance.