Legal Basis for Large-Scale Electronic Payments: Centered on Article 4A of the Uniform Commercial Code in the United States…

Author: Liu Ying
Publisher:
Publish Date: 2001-06-01
Features: Electronic payment systems are divided into small-value electronic payment systems and large-value electronic payment systems based on the service object and the amount of payment. In this book, small-value electronic payment is generally referred to as small-value electronic fund transfer, and large-value electronic payment is generally referred to as large-value electronic fund transfer. Small-value electronic payment and small-value electronic fund transfer are interchangeable, as are large-value electronic payment and large-value electronic fund transfer. Electronic payment is one of the key components of most e-commerce, as well as an important settlement method for traditional commercial transactions. Large-value electronic payment is the core component of electronic payment. The Uniform Commercial Code (UCC) Article 4A of the United States is currently the most comprehensive legal framework in the world for regulating large-value electronic payments. Unlike other e-commerce legislation that adopts the "functional equivalence" model, the Uniform Commercial Code (UCC) Article 4A of the United States has created entirely new concepts and rules, such as "payment orders," "secure systems," and the loss-sharing rule for payment orders that pass secure system detection without fraud.