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3 Payment

From: Principles of International Financial Law (3rd Edition)

Colin Bamford

From: Oxford Legal Research Library (http://olrl.ouplaw.com). (c) Oxford University Press, 2022. All Rights Reserved.date: 08 August 2022

Subject(s):
Freezing injunctions and international courts — Clearing — Sanctions and monetary obligations — European Central Bank — Payment netting — Set-off

The chapter examines the process of payment, both as a description of the way in which a monetary obligation is discharged, and as a process by which money is transmitted from one person to another. In the former case, the chapter describes the operation of set-off, netting, consolidation of accounts and the operation of running accounts. In the latter case, it deals with the mechanisms for payment in the UK, internationally and at the level of the EU through the TARGET2 system, focusing in each case on the process of clearing through the central bank of the currency concerned. It also discusses Distributed Ledger Technology (DLT) and its use in payment and clearing systems.

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