Damages recoverable electronic funds transfer transactions under UK Dissertation

Damages recov sequenceble electronic capital transfer transactions under(a) UK Law - Dissertation ExampleTo create a process that is safe for the customers, and well protected from losses arising from a lack of adequate court-ordered curative processes, is of utmost importance for a successful banking operation, which by its very nature of handling large amounts of money, comes under high-risk business practice. Such high risks associated with banks comprised mainly of credit-interest risks, justness related issues, and liquidity risks. With the start of the meshing banking or the electronic funds transfer system has further increased these risks while creating some special new ones, which may arise from the banks trying to circumvent regulatory and supervisory norms, in order to fan out their customer reach. Other risks of a legal nature include the ambiguities on various legal processes and requirements that falsify from country to country. 3 Though there are faithfulness s that specifically address the issue of frauds and other legal problems within internet banking and funds transfer, not much attention has been given to the area of remedies. In this era of high-end technology, it is necessary to review and re-examine various remedial processes like damage claims and injunction, within the electronic funds transfer transaction process. Discussion Banking system and electronic funds transfer under the English law Under the English law, banking business 4 is seen as comprising of two main basic features acceptance of money from and order of battle of cheques for their customers and placing them to the customers credit, and honouring cheques drawn on the bank by its customers and debiting customers account accordingly.5 The term banking has been border differently within the English legislation, and is covered under Banking moment 1979, the Banking Act 1987 and, the Financial Services and Markets Act 2000 also referred to as FSMA 2000.6 In the cont ext of modern banking system through the internet, electronic banking or e-banking is defined as banking operations conducted by authorised banks (or their official representatives), from a remote location through tools that chromosome mapping under the banks direct management or through outsourced agents. Thus, e-banking encompasses an entire set of process through which a customer crapper transfer funds electronically, without having to visit a bank physically, and these processes also includes go where the customers can access their accounts, conduct business transaction, receive necessary information on different financial services and products all the Internet (fig 1). In UK, all electronic modes of payments/transactions come under the jurisdiction of the law of contract and agency and the customs and usages of banking. 7 Fig 1 Various processes and available services as seen within e banking.8 As