The Legal Nature of International Payments

Abstract

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.