Legal Regime of Cross-boarder Payment Transactions with Money on Bank Accounts

At the present moment, cross-border payment transactions are increasingly essential for the worldwide economy, as they serve the purposes of international sale of goods and services and simplify the conduct of settlements between the subjects of legal relations. The widespread use of cross-border payment transactions has led to the growth of scientific interest in this field of legal relations. Many representatives of the science of Private International Law such as N. Y. Erpyleva, A.V. Shamraev, L. G. Efimova, V. A. Belov., G. Z. Mansurov have studied the institute of cross-border payment transactions and identified its distinctive features and characteristics. The rapid development of cross-border payment transactions determines the increased interest in the study of this field of law. The main purpose of this study is to analyze the legal regulation of cross-border payment transactions, its features and mechanisms of regulation both at the national and international legal level and to identify the perspectives of its further development. As a result of this study, the following goals were achieved : - Determination of the concept and legal nature of ‘non-cash money’; - A comparative analysis of the concepts of ‘non-cash funds’, ‘cash funds’ and ‘electronic money’ was carried out; - The concept and economic and legal essence of cross-border payment transactions are revealed; - The study of the features of the payment infrastructure used for the implementation of cross-border payment transactions and problematic aspects of cross-border payment transactions are identified; - The features of international legal regulation of cross-border payment transactions are revealed; - The features of legal regulation of cross-border payment transactions in foreign countries (EU, USA) are revealed; - The features of Russian legal regulation of cross-border payment transactions are revealed; - The concept of the International payment systems and Payment Service Providers, as well as the determination of the types of International Payment Systems and its features are identified.