The Law and Regulation of Payment Services: A Comparative Study

ISBN-10: 904114207X
ISBN-13: 9789041142078
Category: Law
Pages: 304
Language: English
Published: 2012-07-01
Publisher: Kluwer Law International B.V.
Author: Rhys Bollen

Description

There is a widespread demand among businesses for more convenient and reliable international payment products, and inevitably this has led to calls for more predictable and consistent regulation of these products, especially in the light of such innovations as online payments and ‘stored value’ cards. Recognizing that recurring risks tend to be dealt with in similar ways by most legal regimes, this study – the first of its kind – draws on a detailed analysis of the strengths and weaknesses of existing regimes to develop an international model which incorporates both the legal elements and their practical application. In building his model, the author addresses the fundamental questions in the law of payment services: Who bears the risk of unauthorised payments? What must be done about claims of error? When are payments completed so that they discharge the underlying liability? When can payments be reversed? These issues are examined through in-depth descriptions of payment facilities as regulated in five key jurisdictions – Australia, the United Kingdom, the European Union, Singapore, and the United States – under the headings of scope, licensing, disclosure, obligations of the parties, liability, redress, and dispute resolution. The five regimes are further measured against the key harmonization project in this field, the UNCITRAL Model Law on Credit Transfers. The discussion is illustrated with analyses of leading cases and a number of worked examples. In summary, this very useful book synthesizes a logical and useful package of regulatory measures into a model that takes into account the lessons learnt in the regulation of payment services. Businesses will warmly welcome the study’s contribution toward reducing the cost of taking a product to market across multiple jurisdictions. Policymakers and legislators will find the task of comparing the various approaches to payment services regulation and analyzing their effectiveness greatly facilitated.

Get the book

Similar books

Property Law: Rules, Policies, and Practices
By Joseph William Singer, Bethany R. Berger, Nestor M. Davidson
See also Country Community Timberlake Village v. HMW Special Utility District of Harris, 438 S.W.3d 661 (Tex. Ct. App. 2014) (holding that a neighboring ...
Entertainment Law and Business
By William D. Henslee, Elizabeth Henslee
After Justin Timberlake exposed Janet Jackson's pierced nipple on national television for 9/16ths of a second, the FCC received over 540,000 complaints.
The Common Law in Colonial America: Volume III: The Chesapeake and New England, 1660-1750
By William E. Nelson
Volume III: The Chesapeake and New England, 1660-1750 William E. Nelson ... Decision of Law, Surry County Ct. 1673/74, in Eliza Timberlake Davis ed., ...
The Indiana State Constitution
By William P. McLauchlan
E. Edwards v. California, 314 U.S. 160 (1941), 66 Edwards v. Housing Authority of City of ... Timberlake, 148 Ind. 38,46 N.E.339 (1897), 69,70 Graves v.
Child Support Guidelines: Interpretation and Application
By Laura W. Morgan
Fitzgerald, 4.08[B][2], 5.05[D] Fitzgerald v. ... Mastrapa-Font, 7.03[A][3] Fontaine, In re, 5.05[D] Fontenette v. ... Frost, 5.05[A] Formato v.
Maritime Fraud and Piracy
By Paul Todd
The sole remedy is avoidance, however; damages cannot be claimed under s. ... 17, it places a great deal of power in the hands of insurance companies to ...
Principles of the Carriage of Goods by Sea
By Paul Todd
Normally, a mate«s receipt would later be given up for a bill of lading, ... they necessarily prejudice the rights of those who deal in the goods ...
Maryland Employment Law
By Stanley Mazaroff, Todd Horn
27 257 U.S. 184, 42 S. Ct. 72, 66 L. Ed. 189 (1921). ... 38 Argensinger, “Right to Strike”: Labor Organization and the New Deal in Baltimore, 78 MD . HIST .
Contract Law in New Zealand
By Stephen Todd, Jeremy Finn
704 Contract and Commercial Law Act 2017, s. 80. 705 Leith v. Gould [1986] 1 NZLR 760. It is not clear how a New Zealand court would deal with a case such ...
Tort Law in New Zealand
By Stephen Todd
... to meet the reasonable expectations of claimants about how the corporation should deal with them, by, inter alia, ... 7 Treaty of Waitangi Act 1975, s.