A Study On The Legal Problems Of International Large Volume Electronic Funds Transfer

With the development of computer and internet technology, the great changes have been brought to payment system. Before 60s of 19th century, transnational capital allocation can only be accomplished through personal cheques or bank drafts. Later on, telegraph payment order was adopted but the expense was considerably high. Since 60s of 20th century, computer was introduced into banking and the banking business began to be increasingly operated electronically. As a new measure of electronic payment, Large-scale Electronic Capital Allocation has been widely used in services as commercial payment, financial settlement and therefore increasingly preferred for its rapidness, efficiency and comparably low cost.However, the use of the payment measure brings a great challenge to the traditional legal system, thus a lot of legal problems have arisen therefrom, which drives international community and the countries where the payment measure is broadly used to set up a new legal system in order to meet the demand of further development.This essay is supposed to be focusing on summarizing the successful experiences and analyzing the deficiencies and faults of the payment measure , the author is trying to make considerable suggestions based on the practices and existing legislation in China with regard to the Large-scale Electronic Allocation and to urge the legislation to be put into schedule as soon as possible.In this essay, it consists of five parts, namely, introduction, law on international large volume electronic funds transfer, merit tropism, risk of allocation, suggestions.