The Legal Nature of International Payments
Journal of Banking and Finance Law and Practice, Vol. 18, p. 85, 2007
Journal of International Banking Law and Regulation, p. 318, 2007
31 Pages Posted: 7 Feb 2011 Last revised: 10 Feb 2011
Date Written: January 1, 2007
The previous article considered the history of international payments, and their current role and scope. It described a number of common retail, wholesale and institutional payment systems and introduced their legal structure. It went on to examine the inter-bank infrastructure supporting the international payment system. This article examines the legal structure of international payments in some detail. It provides an analysis of international payments from a legal perspective, looking at a number of key issues such as payment finality and revocability. It then looks at the practical implications for common business and consumer international payments.
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