According to the different systems and businesses involved, electronic fund transfer can be divided into small electronic fund transfer and large electronic fund transfer. The former refers to automatic teller machines (ATMs), point-of-sale equipment (POS) and other systems, which are mainly used to handle retail business; The latter refers to the electronic transfer system (FED WIRE) and clearing interbank payment system (CHIPS) in the United States, which are mainly used by brokers and dealers in the currency, gold, foreign exchange and commodity markets and commercial banks to handle wholesale business. In international payment, it mainly involves large electronic fund transfer.
2. Credit transfer and debit transfer.
Electronic transfer can be divided into credit transfer and debt transfer according to the location where the payee or payer starts the banking procedure. The former means that the payer starts the banking procedure to transfer money electronically; The latter means that the payee starts the banking procedure to transfer funds. Usually, small electronic funds are sometimes transferred by credit and sometimes by debit. However, large electronic fund transfers are all credit transfers, that is, the payer sends a payment instruction to the bank, instructing the bank to debit its own account and credit the payee's account.
At present, large-scale electronic funds transfer systems such as FED WIRE and CHIPS all adopt credit transfer as payment method. Because of this, Part 4A of the Uniform Commercial Code of the United States, which aims to adjust the relationship of large-sum electronic funds transfer, defines the adjustment object as the relationship of credit transfer. The United Nations Commission on International Trade Law also named the model law drafted by it to adjust the relationship between large electronic funds transfer as the Model Law on International Credit Transfer.