The Paperless Letter of Credit and Related Documents of Title

A normative analysis of paperless letters of credit that will categorize the various transactions and delineate the boundaries and relative standing of the competing sets of rules is now appropriate. The analysis will suggest when an official rule is needed and what its character should be

Check 21: The New Technological Drive Towards Paperless Banking

Over the last decade, banks have spent a great deal of resources on technology improvements. With decreasing interest rate spreads, banks are being forced to look for new ways to increase profits. Recently, new legislation was passed that will allow banks to become more efficient in check truncation through technology. The new legislation is commonly referred to as Check 21. If used properly. Check 21 will increase employee efficiency and reduce other operational costs such as courier services. This paper examines the short history of Check 21 and discusses how technology affects banks profitability. Key areas where banks can become more efficient with the help of the new technology will also be determined. The paper will give ROl, NPV, and IRR estimates for what the new technology investments will provide. There is also a checklist for managers that will help determine the best technology for their banks

A Review of Electronic Court Filing in the United States

The rise of e-commerce has caused many courts to begin filing and storing pleadings electronically. This article discusses e-filing software, the benefits to and development of extensible mark-up language (“XML”) for legal documents, and the impact the future of e-filing

Articles 3 and 4 of the Uniform Commercial Code in an Electronic Fund Transfer Environment

This Article addresses the ways in which the electronic computer has revolutionized the payments and transfer of funds mechanism, making possible paperless entry payments (PEP) and electronic fund transfers (EFT). The author discusses the legal issues and problems stemming from this new relationship among the participants. He argues that Articles 3 and 4 of the Uniform Commercial Code have not impeded development of new systems and remain viable as a legal framework governing payment and transfer transactions during the transition from paper to paperless electronic operations. The author concludes that both articles can be amended and effectively used as basic rules for allocating rights and responsibilities among the parties to electronic processing of the data and information

A Review of Electronic Court Filing in the United States

The rise of e-commerce has caused many courts to begin filing and storing pleadings electronically. This article discusses e-filing software, the benefits to and development of extensible mark-up language (“XML”) for legal documents, and the impact the future of e-filing

Two case studies on electronic distribution of government securities: the U.S. Treasury Direct System and the Philippine Expanded Small Investors Program

The case study on the U.S. Treasury Direct examines the evolution of the electronic distribution systems for marketable and nonmarketable government securities, the main objectives, and the basic legal infrastructure and the preconditions enabling the system. The U.S. experience highlights that the enabling environment and infrastructure (for example, in terms of information databases such as Pay.Gov) make a large difference in terms of both the security and convenience that customers can expect in the use of the system. The system also achieved important cost savings for the Bureau of the Public Debt. The case study on the Small Investors Program of the Philippines looks at a program that the Philippine government has been experimenting with to sell its securities directly to retail investors over the Internet. The recently revised version of the program-called the Expanded Small Investors Program-aims to increase access to government securities and distribute them more widely, develop better savings products, and enhance competition in the primary markets for these securities. The authors analyze whether the program's main goals can be achieved while mitigating the risks. Their analysis suggests thatthere are good reasons to believe that the new program will succeed. Still, regular and responsive assessments and adjustments will be required as the program moves forward.International Terrorism&Counterterrorism,Environmental Economics&Policies,Fiscal&Monetary Policy,Payment Systems&Infrastructure,Financial Intermediation,Environmental Economics&Policies,Financial Intermediation,Insurance&Risk Mitigation,Public Sector Economics&Finance,Banks&Banking Reform