Analysis On The Interests Of Large-value Electronic Funds Transfer And Their Implementation In The Legislation

Large-value electronic funds transfer is the product of electronic finance, which has the characteristics of non-paper base, wholesaling and technicality and thus owns the unparalleled predominance over traditional payment tools. However, it brings great challenges to the legislation. The main direction of research and legislation is to confirm funds transfer relation as an independent legal relation and lay down special regulations on it.The interests factors are proper access to the research on the legislation of large-value electronic funds transfer. Financial efficiency and financial security are the macroscopic interests affected by large-value electronic funds transfer, and they are embodied in the microscopic interests of the participants of funds transfer (including traders and payment intermediaries) and the funds-transfer system. The participants of funds transfer stress the high speed, low cost and certainty of funds transfer while the funds-transfer system stresses systemic risk reduction. These interest factors are entwined with one another and together embodied in the process of large-value electronic funds transfer. The legislation of large-value electronic funds transfer is affected by these factors deeply. Uniform Commercial Code Article 4A and UNCITRAL Model Law on International Credit Transfers support the interests of these interests groups to different extents by a variety of rules.In our country, the absence of large-value electronic funds transfer law can neither fulfill the needs of the development of funds transfer nor promote the financial competition in the open condition. It is necessary to legislate for large-value electronic funds transfer. The legislation should orientate its value towards efficiency, equity and security, and pursue in a special mode. Moreover, the legislation should absorb the great experience of the foreign legislation, and efficiently supports and harmonizes the interests of the relevant interests groups by specific rules.