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Part III Electronic Documents: Emerging Practices, 10 Electronic Systems for Payment Processing

From: Electronic Documents in Maritime Trade: Law and Practice (2nd Edition)

Miriam Goldby

From: Oxford Legal Research Library (http://olrl.ouplaw.com). (c) Oxford University Press, 2023. All Rights Reserved.date: 30 January 2023

Electronic commerce and choice of law — Payment obligations of the buyer — Modes of payment

This chapter discusses electronic systems set up for the performance of the payment obligation. It looks at the progress that is being made in achieving straight-through processing (STP) in the financial supply chain. STP would enable the flow of financial information to take place electronically. Foremost in the mind of the financial sector in recent decades has been the need to achieve a balance between security and efficiency in communication and transfer of financial data. To this end, the international banking community set up the Society for Worldwide Interbank Financial Telecommunication (SWIFT) in 1973. These developments are taking place at a time when a number of information technology (IT) service providers are seeking to harness the potential of electronic communications to achieve STP. Many of these solutions have sought to devise private law frameworks to address gaps and uncertainties that continue to persist in the laws of most jurisdictions.

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