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28 Int'l L. 787 (1994)
Funds Transfers, Payments, and Payments Systems - International Initiatives towards Legal Harmonization

handle is hein.journals/intlyr28 and id is 797 raw text is: BIBLIOGRAPHY GREGOR C. HEINRICH* Funds Transfers, Payments, and Payments Systems-International Initiatives Towards Legal Harmonization Recent years have seen substantial growth in cross-border banking activities. On the one hand, banks are increasingly seeking to establish subsidiaries, or at least offices, in countries other than their own. On the other hand, the commercial activities of banks, above all funds transfers, have expanded tremendously. This growth has occurred in terms of both the amount of individual payments and the total amounts moved from one entity to another. For instance, in 1978 S.W.I.F.T. was considered very successful because it linked about 500 banks in sixteen countries and had achieved an annual traffic volume of almost 25 million messages. Today S.W.I.F.T. handles the same number of messages in a few weeks. Within the European Union (EU) the volume Note: The American Bar Association grants permission to reproduce this article, or a part thereof, in any not-for-profit publication or handout provided such material acknowledges original publication in this issue of The International Lawyer and includes the title of the article and the name of the author. *Mr. Heinrich is a member of the Legal Service, Bank for International Settlements, Basle, Switzer- land (100303.100@compuserve.com). Constructive advice in preparing this paper was offered by Prof. Dr. M. Giovanoli, Legal Adviser of the BIS. Mile A. Villaudy, documentalist of the BIS Legal Service, assisted in finding valuable bibliographical references. This text has no official character and merely reflects the views of the author.

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