The Comparative Study of Bank Obligations in Electronic Fund Transactions

Electronic fund transaction refers to any transfer of funds in which electronic media are used in at least one of its processes. Depending on the type of transaction، the legal relation of the bank and consumer may constitute agency، cession of claim or loan contract. According to the UNCITRAL Legal Guide and the regulations of Iran and the United States، the obligations of bank against consumer are “Consequential Obligations”. The bank is liable for the losses arising from its systems، employees and other institutes cooperating with it. This comparative study discusses that Iran’s law has deficiencies in some aspects such as the moment of irrevocability of payment order. Also some of the provisions of model contracts، which are used in the banking system، are in conflict with the mandatory regulations of consumer protection، and should be modified.