Title Page
ABSTRACT
ABBREVIATION
Contents
CHAPTER 1: INTRODUCTION 12
1.1. The Legal framework of E-commerce 12
1.1.1. E-commerce in UNCITRAL Model Law on Electronic Commerce 12
1.1.2. E-commerce in Chinese Law 15
1.1.3. E-commerce in Vietnamese Law 18
1.2. Definition of Third-Party Online Payment 21
1.2.1. What is Third-party Online Payment? 21
1.2.2. Under Chinese Law 23
1.2.3. Under Vietnamese Law 24
1.3. Process of Third-Party Online Payment 26
1.4. Third-Party Online Payment Market 27
1.4.1. China 27
1.4.2. Vietnam 29
CHAPTER 2: UNCITRAL REGULATIONS ABOUT THIRD-PARTY ONLINE PAYMENT 33
2.1. Obligations of the parties under UNCITRAL Model Law 33
2.1.1. Obligations of sender 33
2.1.2. Obligations of receiving banks 34
2.1.3. Obligations of beneficiary's bank 36
2.2. Acceptance or rejection of a payment 36
2.2.1. Acceptance or rejection of a payment order by receiving bank other than the beneficiary's bank 36
2.2.2. Acceptance or rejection of a payment order by beneficiary's bank 38
2.3. Time to execute payment order and give notices 39
2.4. Consequences of failed, erroneous or delayed credit transfers 40
2.4.1. Assistance 40
2.4.2. Refund 41
2.4.3. Correction of underpayment 42
2.4.4. Restitution of overpayment 42
2.4.5. Liability for interest 43
2.4.6. Exclusivity of remedies 45
CHAPTER 3: REGULATIONS OF THE THIRD PARTY ONLINE PAYMENT IN UNITED STATES 46
3.1. General institutional framework 46
3.2. Classification of Financial Institutions 47
3.3. Payment systems (funds transfer systems) 49
3.4. Automated clearinghouse (ACH) 51
3.4.1. Classification of Automated clearinghouse 52
3.4.2. Operation of the ACH system 54
3.5. Third-party online payment in United States and Paypal 55
3.5.1. PayPal's Current Regulatory Framework 56
3.5.2. How Does ACH Work? 57
CHAPTER 4: COMPARATIVE STUDY AMONG UNCITRAL REGULATIONS, CHINESE REGULATIONS, AND VIETNAMESE REGULATIONS 60
4.1. Legal Framework 60
4.1.1. UNCITRAL regulations 60
4.1.2. Chinese regulations 60
4.1.3. Vietnamese regulations 62
4.2. The Legal Status of Payment Institution 66
4.2.1. China 66
4.2.2. Vietnam 67
4.3. Customer Protection 68
4.3.1. China 68
4.4.2. Vietnam 69
4.5. Cracking down Internet Financial Crimes 71
4.5.1. China 71
4.5.2. Vietnam 71
CHAPTER 5: SUGGESTION TO IMPROVE VIETNAMESE REGULATIONS 75
5.1. Legal problems in Vietnamese regulations 75
5.1.1. The Unclear Legal Status of Payment Institution 75
5.1.2. The Confused Legal Relation between Parties Concerned 76
5.1.3. The Undefined Legal Nature of Customer Excess Reserves 77
5.1.4. The vulnerability of Consumers 78
5.1.5. The Imperfect Supervision on the Safety of Platform 82
5.1.6. The center of Illegal Activities 83
5.1.7. The High Credit risks of payment institution 86
5.2. An overview of opportunities and challenges for Vietnam in international integration and international electronic transactions 87
5.2.1. Opportunities 87
5.2.2. Challenges 89
5.3. Suggestions to Improve Vietnamese Regulations 90
5.3.1. Stipulating the Legal Status of Payment Institution Explicitly 91
5.3.2. Establishing Liability System of Payment Institution 93
5.3.3. Formulating Unified Operation Rules 95
5.3.4. Formulating Unified Technical Requirements 96
CHAPTER 6: CONCLUSION 98
REFERENCES 101