Research On The Third Party Payment

The development of information technology has changed people's life style and the traditional trade gradually. The network trade develops quickly by advantage of the price and the convenience, especially in the international financial crisis. More and more individual and enterprise pay high attention to the network retail market. The scale of network trade also appears an explosion growth. The third party payment is a new mode of payment. It develops with the network trade as it promotes a high speed development of the network trade. And it has solved safe problem and reputation problem to some extent. But, the legislation of the third party payment is lagging. That makes the third party payment enterprises have to face a huge law risk and policy risk. The absence of fundamental research make the realistic law system lacks theories support. All of this influences the healthy development of the third party payment enterprises. This project thesis had a deep research on multiple partners'rights and onuses of the third party payment, confirmed the legal position of the third party payment enterprises, provided legislation proposal and system design scheme of the third party payment through the analysis of their legal relationships.The first part of the thesis expounded the signification, serve mode and legal position of the third party payment, then analyzed multiple partners'rights and onuses. The third party payment is a system, that the self-governed third party enterprises with a certain capital and reputation integrate the bank payment and settlement system interface and implement the funds flow and liquidation between the payer and payee. There two kinds of service mode of the third party payment, which are"payment gateway service mode"and"virtual account service mode". The third party payment enterprises provide several aspect of service as follows: trade and credit agency; credit guaranty of funds flow. It is different from traditional nonbanking financial institutions which provide special finance service without creating credit. It should be subsumed into finance supervisee system because it is a new mode of nonbanking financial institution.The second part of the thesis expounded the third party payment enterprises'legal standing, analyzed the Non-causative Nature of the third party payment, designed legal liability cognizance and allocation scheme. The third party payment belongs to Electronic payment which has the character of Non-causative Nature. Non-causative Nature means once the bank execute the payment operating as the customer's instruction, the operating is irrevocable, no matter the foundation legal relations came into existence or not, even though it is illicit. This character is good for the immediacy, conveniency and stability of the network payment, but can causes a dispute when a false funds transfer occurred. False funds transfer can be divided into unauthorized payment and instruction error payment. Unauthorized payment means someone else send the funds transfer instruction without the payer's authorization, and the payer do not get benefit because of the funds transfer.Instruction error payment means the information of instruction is false or the error occurs when the instruction being transferred. We should confirm the legal position of the third party payment enterprises as nonbanking financial institutions, and make them undertake a responsibility inside certain scope.The third part of the thesis summarized different kinds of risk of the third party payment, which are the risk of legal status indetermination, risk of credit and payment, risk of illegal transaction, risk of the network safety, and risk of consumer protection. Aim at these issues, this thesis provided legislation proposal and system design scheme of the third party payment, concretely include Reserving system, account separate system, Financial Regulation and Supervision, crack down on network crime.