As one of the foundations of Internet finance, third-party payment plays a very important role in the era of China's Internet finance development. Similarly, third-party payment is also a very important payment method in the United States. Only PayPal has more than 152 million active accounts in 203 countries and regions around the world. In the second quarter of 2014, the transaction amount reached 55 billion US dollars. The transaction volume was 9.3 million and the income was 1.95 billion.
China defines the operating entity of the third-party payment service or non-financial institution payment service as the payment institution, and introduces the "Measures for the Administration of Payment Services for Non-financial Institutions" to carry out special regulation. Article 3 of the Measures clearly stipulates: "Non-financial institutions provide payment. The service shall obtain the "Payment Business License" in accordance with the provisions of these Measures and become a payment institution."
The business model of the US third-party payment legal institution is similar to that of China. The payment system is based on the existing bank account. Users cannot directly access the payment through the account of the payment institution, but must pass the existing bank. The account transfers funds into the account for payment, and the money transferred or received can be retained in the account for later use. So, how is US law defined for third-party payment operators?
First, the legal positioning of third-party payment institutions - money transfer service providers
US regulators believe that third-party payment institutions are not traditional bank depository institutions. Third-party payment institutions are generally defined as money transfer service providers in US law. They should abide by the relevant legal systems of money transfer service providers and be regulated by state currency. Supervision of the person. The so-called money transfer service generally refers to “selling or issuing payment instruments, stored value cards or accepting currency or monetary value for the purpose of providing transfer services.†At first glance, this definition and the third party payment institution’s business model are not complete. meets the. In fact, most of the money transfer service laws were not originally for third-party payment or online payment services.
Second, the legal system of third-party payment institutions - with consumer protection as the core
1. Currency Transfer Service Act
Different from bank or securities supervision, the United States does not have special legislative supervision on money transfer service providers at the federal level. There are special regulations in the anti-money laundering law. Therefore, the importance of state legislation is particularly prominent in this field. Most US states, special zones and overseas territories have enacted legislation on currency transfer services.
The currency transfer service laws of the US states do not have uniform specifications for the supervision of third-party payments, but their ideas are similar. That is, the payment operators are regulated by means of access and subject supervision, and the thresholds and protections are improved. The safety of consumer funds is their main focus.
2. Deposit insurance legal system
Third-party payment institutions can use user funds to conduct investment activities within the scope of investment allowed. However, due to investment income and other issues, some third-party payment institutions often choose to deposit all user funds in the form of deposit certificates in commercial banks protected by deposit insurance. .
3. Anti-fraud legal system
The consumer protection rules in the payment field mainly refer to the relevant rules of anti-fraud. Under the US law, it is mainly the Electronic Fund Transfer Law and its Regulations E Regulations, the Real Law on Borrowing and the Regulations Z.
EFTA/E is suitable for any form of electronic funds transfer, including not only the Internet, but also transactions through self-service cash machines and retail transactions through debit cards. For the above transactions, the Act protects consumers from the loss of unauthorized transactions.
TILA/Z is mainly suitable for credit card transactions. Unlike EFTA/E mode, under TILA/Z, consumers' rights are better protected: even if consumers do not report unauthorised transactions to banks in time, the losses incurred by consumers The maximum is no more than $50. In addition, under TILA/Z, if the seller fails to fulfill the agreement, the consumer can refuse the payment even in the authorized transaction, which is very important to prevent buyer fraud.
These two bills still have room for application in the business model of third-party payment.
4. Other legal systems
Although the money transfer service provider is not a general financial institution, it also has the obligation to keep transaction records and anti-money laundering. According to the Uniform Money Services Act, money transfer service providers must maintain relevant transaction records and use them for annual inspections and random inspections by regulatory agencies, and submit reports to anti-money laundering laws and regulations such as suspicious transaction reports and federal currency reports to money laundering regulators. In fact, these obligations are mainly stipulated by federal legislation, and most of the state legislation adopts a form of retelling or even directly citing federal legislation.
In addition, the privacy protection legal system is also an important aspect of consumer protection. The Gramm-Leach-Bliley Act stipulates that “financial institutions†must not disclose any non-public personal information to third parties unless the financial institution has provided its customers with an opportunity to refuse disclosure prior to disclosure and the customer has not refused to disclose the information. The fifth part of the Dodd-Frank Act, passed in 2009, reaffirms the minimum standard of personal data protection for financial institutions, stipulating that financial institutions cannot directly, indirectly or through a subsidiary body unless they have the consent of the consumer. , disclose non-public personal information to third parties who are not connected. However, these privacy protection bills only apply to “financial institutionsâ€, and whether money service institutions or money transfer service providers belong to financial institutions is still controversial in US law. To solve this problem, the Obama administration proposed the Consumer Privacy Rights Act to seek general protection of personal privacy rights, but the bill has not yet become official.
Third, the conclusion
In summary, the core of the regulation of third-party payment institutions in the United States is consumer protection, especially to protect the safety of consumers' pre-existing funds. State and federal regulators have introduced access approval, margin and minimum net asset requirements. A series of consumer protection rules, such as investment restrictions, inspection and reporting systems, bridge insurance, privacy protection, and anti-fraud rules. Even so, due to the lack of specific legislation on the characteristics of third-party payment, the protection of consumers is still not mature enough and there are loopholes, but overall consumer rights have been better protected.
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