미국과 유럽의 거액전자결제시스템에 대한 비교연구

A Comparative Study on Wholesale Electronic Payment System Between U.S.A and EU

This paper discusses on Wholesale Electronic Payment System between U.S.A and EU. So, I analysis TARGET compare with Fedwire to advance a research effects. Because as a wholesale funds transfer system, Target is established in 1999 but transferred to TARGET2 in 2007 as Trans-European Automated Real-time Gross Settlement Express Transfer System. While Fedwire is establish and operated by Federal Reserve Bank of America in 1970. I used Guideline of the ECB on a TARGET2 and Payment Services Directive in order to analysis the TARGET2. I also adapted Uniform Commercial Code Article 4A(Article 4A) and Federal Reserve Regulation(Regulation J and Operating Circulars). This article is going to display as fellows; First of all, I presented establishment background and legal stabilities of electronic payment system between U.S.A and EU. Secondly, I analyze in distinguish marks of payment system and mechanism both system including participation methods in payment system Thirdly, I focus on operation policy and the allocation of risk of loss ca따ed by ambiguous payment orders and technology errors of system. I also did analyze many solutions in order to manage risk occurring in course of send of payment order. Lastly, In order to develop electronic payment system, I suggested policy proposals together with conclusion.